Leading single malt Scotch whisky house Glenfiddich has partnered with BlockBar, a new non-fungible token (NFT) marketplace for luxury wine and spirits products, to launch a series of 15 limited-edition single malt whisky NFTs.
Each NFT corresponds to a physical, exceptional bottle of a 1973 46 year-old Armagnac cask finish single malt scotch whisky from William Grant & Sons-owned Glenfiddich.
The tokens are offered exclusively through BlockBar’s innovative NFT platform, which enables Glenfiddich to digitize and sell exclusive spirits products as NFTs directly to consumers, whether for personal consumption, collecting, or investment purposes.
Upon purchasing the NFT, the buyer then becomes the owner of the real-world physical product represented by the NFT. The NFT serves as a digital receipt that verifies the buyer’s ownership and, critically, the authenticity of the product.
The buyer has the choice at any time to resell or transfer the NFT through the BlockBar platform or to redeem it for the physical version. BlockBar is also responsible for storing the product and, upon request, delivering it to the buyer.
|Falic Group backing
BlockBar was founded by Dov and Samuel Falic of The Falic Group, principles of Duty Free America.
BlockBar is described as the world’s premier NFT marketplace to connect consumers and collectors with the owners of luxury wine & spirits brands through the exchange of NFTs for unique wines and spirits.
The Falic Group also owns Paneco, the largest ecommerce liquor platform in Israel and Singapore. The company said that it monitored issues faced by consumers in pre-order duty free spirits boutiques, saw an opportunity and launched BlockBar.
BlockBar’s proprietary platform allows consumers to purchase asset-backed NFTs directly from the brand owners themselves. The platform’s proprietary smart contracts verify authenticity, and its partnership with top cyber- and crypto-security firms ensures that transactions are fully protected and transparent.
Consumers are able to transact directly with the brands and no longer have to worry about authenticity or storage, BlockBar noted.
William Grant & Sons Regional President Asia Pacific and Global Travel Doug Bagley said: “Glenfiddich continues to push boundaries in whisky innovation and this mindset transcends to those we partner with.
“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.”
BlockBar said that by utilising its ‘state-of-the-art’ NFT platform to purchase the rare Glenfiddich expressions, buyers can be assured that their accounts won’t be compromised and that their NFTs won’t be stolen. The tokens are protected by FireBlocks’ digital asset custody infrastructure and Chainalysis’ compliance technology.
“This is an exceptionally rare example of 1973 Glenfiddich, a 46 year-old whisky which has spent more than two decades in an Armagnac cask. It is a fitting spirit for the launch of Glenfiddich’s first and exclusive NFT release on BlockBar,” said Glenfiddich Malt Master, Brian Kinsman.
The first series of Glenfiddich NFTs will launch on 19 October on a first-come, first-served basis. Buyers may purchase the NFTs from BlockBar with Ethereum [the second-most market capitalised cryptocurrency behind Bitcoin -Ed] or by credit card.
“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,” said BlockBar CEO Dov Falic.
“We’re extremely proud to be providing the very first direct-to-consumer, fully authenticated wine & spirits platform via an NFT marketplace. This is an exciting and momentous time for the crypto, NFT, and luxury wine & spirits communities, and we can’t wait to announce many more exclusive releases in the near future.”
The single malt whisky is 43.9% ABV and presented in a bespoke Baccarat crystal decanter.
Tasting Notes (courtesy of Glenfiddich)
Colour: Autumn gold
Nose: Sublime, rich and lusciously fruity. Dark fruits, like plums and figs, complemented by sensational sweet syrup notes that reflect the incomparable influence of the long finishing in ex-Armagnac Butts.
Taste: Very deep and rich with lots of tannin and robust oak notes overlaid with an elegant vanilla sweetness from its years in American oak.
Finish: Exceedingly long-lasting and sweet with a hint of oak.
Martin Moodie October 14, 2021 at 02:49AM