Rare Glenfiddich Kicks Off Luxury Spirits NFT MarketplaceOctober 13, 2021
BlockBar, a new luxury spirits-focused NFT (non-fungible token) marketplace, launches today with its first release—a rare single malt matured in an Armagnac cask from Glenfiddich, set to hit the marketplace October 19. The company, founded by Dov and Samuel Falic of The Falic Group, aims to create a transparent and authenticated marketplace for collectors, investors, and consumers looking to score rare bottlings while minimizing the risk of bottle fraud and legal complications for reselling spirits or transferring a collection between regions.
The marketplace, which accepts credit card payments and the Ethereum (ETH) cryptocurrency, will offer 15 NFTs for 15 700-ml. bottles of the 1973 Glenfiddich on a first come, first serve basis. In this case, each NFT essentially serves as a receipt and proof-of-ownership for an individual bottle, which will be delivered from Glenfiddich to BlockBar’s storage facility in Singapore. The advantage of the service, according to its founders, is that there will always be a transparent record of ownership, starting with the distillery and extending through each owner. When a buyer decides that they would like to drink the whisky, the NFT is destroyed and BlockBar arranges the shipment.
Additionally, according to the company, the risk of fraud is minimized since the bottles will remain in BlockBar’s facility when sold from owner-to-owner; only the NFT will change hands, with the chain of custody noted on the marketplace. Each NFT is protected by FireBlocks’ digital asset custody infrastructure and Chainalysis’ compliance technology.
While the marketplace is launching with just one release from the William Grant & Sons brand, CEO Dov Falic said that there are more exclusive offerings on the way. “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,” he said. “We’re extremely proud to be providing the very first direct-to-consumer, fully authenticated wine and spirits platform via an NFT marketplace.”—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.