7 global wine, spirit and beer brands embracing NFTs
Since 2021, non-fungible token (NFT) has become perhaps one of the most talked-about of all investments. From fashion to art, these unique digital tokens that exist on the blockchain are everywhere. NFT pieces are going up for millions as everyone, from prominent celebrities to luxury labels, is embracing them. It was, thus, only a matter of time for whiskey brands and fast-food chains to jump on the bandwagon and make alcohol and food NFTs an in-demand collectable.
On 19 October 2021, alcohol brands got a shot in the arm with the launch of BlockBar. A marketplace for spirit labels to sell their NFTs, BlockBar’s concept is simple — it stores the brand’s bottles in its secure temperature-controlled warehouse in Singapore while the NFTs are being minted.
Since the digital NFTs are backed by their physical avatars, owners of the NFTs can redeem their tokens for the actual bottles. As a result, the token is completely removed from the system, making the remaining tokens rarer. Once redeemed, owners are given the bottle and a receipt NFT.
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