Glenfiddich to use NFT to validate whiskey

Scottish whiskey maker William Grant & Sons. partnered with startup BlockBar to create non-fungible tokens (NFTs) that will make it easier to track and trade high-value drinks. NFTs are for Glenfiddich, a 46-year-old single malt whiskey selling at $ 18,000 a bottle.

“We are always looking for new ways to attract customers. In Asia, we are targeting high net worth individuals who are active in the secondary market for alcoholic beverages, ”said William Grant & Sons.
The company also noted that investment in whiskey has become especially common in recent years. 15 NFT Glenfiddich bought up last month from BlockBar in 4 seconds. In addition, the Apex 1000 Index, which tracks 1,000 of the world’s most sought-after rare whiskey bottles, is up 373.7% since its inception on December 31, 2012, while the S&P 500 Index is up 220%.

Usually the collector has to open the bottle and taste it himself to confirm the authenticity of the whiskey, but the unattractiveness of this approach suffers from the trade in the secondary market. The solution used by William Grant & Sons is intended to solve this problem.

The NFT is kept in the buyer’s wallet, while the bottle remains with BlockBar in Singapore. The NFT holder can resell or redeem it. In the latter case, a bottle will be sent to him, and the NFT will have to be burned.

“We want to guarantee the authenticity of the real product by burning the token. If the owner has an NFT and a bottle at the same time, there is a risk that the sale of the NFT was not backed up by a real product, ”said BlockBar.

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