Glenfiddich has partnered with BlockBar to launch a collection of 15 limited edition liquor Non-fungible tokens (NFTs).
Each NFT corresponds to a physical bottle of a 46 year-old, Armagnac cask finish single malt scotch whisky that is sold by the whisky distillery.
The tokens will be offered exclusively through BlockBar’s NFT platform which will enable Glenfiddich to digitalise and sell exclusive spirts in NFT form.
They will all be sold directly to consumers, whether that be for personal use, collecting or investment opportunities.
Once the buyer has purchased the NFT, they then become the owner of the physical product represented by the token, which serves as a digital receipt stored on a blockchain to ensure authenticity.
A consumer which buys the token can sell or transfer the NFT through BlockBar’s platform or can redeem it for the physical version of the bottled whisky.
As part of the collaboration, BlockBar will be responsible for storing the product and, upon request, delivering it to the buyer.
“Glenfiddich continues to push boundaries in whisky innovation and this mindset transcends to those we partner with,” Distillery owner William Grant & Sons chief commercial officer Doug Bagley said.
“We are proud to be the first luxury spirits brand to be available on BlockBar at the time of the launch.
“BlockBar brings a heightened level of authenticity to our brand via its proprietary NFT platform and creates an elite club of distinguished collectors with whom we’re excited to build long-term relationships.”
The first instalment of the whisky NFT collection will launch on the 19th of October on a first come, first serve basis.
Any consumer that wishes to purchase one of the tokens will be able to pay via credit card or Ethereum.
BlockBar chief executive added: “BlockBar values transparency, authenticity, and quality assurance, and our partnership with Glenfiddich, the pinnacle of high end spirits, is the perfect partner to mark the launch of our mission to bridge the physical and digital worlds of luxury.
“We’re extremely proud to be providing the very first direct-to-consumer, fully authenticated wine and spirits platform via an NFT marketplace.
“This is an exciting and momentous time for the crypto, NFT, and luxury wine and spirits communities, and we can’t wait to announce many more exclusive releases in the near future.”