Story at a glance
- BlockBar is an online marketplace that sells NFTs of rare and prestigious liquors.
- Consumers can bid and auction on various bottles of alcohol, claiming a digital token of ownership in the form of a NFT.
- Each NFT is accompanied with a physical bottle of liquor, which is stored by BlockBar in a warehouse in Singapore.
Now you can buy more than just artwork as an nonfungible token (NFT), with BlockBar offering luxury liquor as an NFT that comes in a digital and physical form.
BlockBar has created an online marketplace for luxury liquor, carrying rare top-shelf brands like Dictador, Glenfiddich and Penfolds, but with a spin. The company sells NFTs of each bottle of liquor that includes a digital token of ownership as well as a physical bottle of alcohol.
NFTs are digital only tokens that establish enhanced privacy and exclusive ownership to digital content. They are considered collectibles and can become extremely valuable, and they have mostly been used to sell artwork and digital content.
BlockBar is introducing a new way to use NFTs, allowing consumers to purchase a NFT version of an exclusive bottle of liquor, allowing the buyer to easily sell off the NFT if they so choose, while a physical bottle of the liquor is stored in a warehouse in Singapore, insured by BlockBar. Whenever the consumer decides to finally crack open their NFT bottle of whiskey in reality, the company will deliver the bottle to them.
The concept rides on an online marketplace of rare and investable liquor, with BlockBar controlling the release of various bottles of prestigious alcohol available for consumers to bid and auction on. Since the company is selling in the form of NFTs, the exchange of goods is simplified.
“You can always exchange the digital for the physical, but it is easier to sell the digital asset — you don’t have to physically move the bottle, ship it all over the world, and have it be authenticated over and over again by auction houses selling it,” BlockBar CEO Dov Falic told the New York Post
According to BlockBar, high-end spirit investment has risen in popularity over the last decade by 582 percent, outperforming the S&P 500.
When the company released Dictador’s first NFT sale of 10 vintage rums in Lalique crystal decanters earlier this month for $25,000 each, they were sold out within hours, according to the Post.
BlockBar is about to drop another release ahead of the Thanksgiving holiday, a Penfolds 2021 Magill Cellar 3. Described as an ultra-rare barrel of wine, it will begin selling for $130,000 beginning Wednesday.
READ MORE STORIES FROM CHANGING AMERICA