The rapid explosion of non-fungible tokens (NFT) has resulted in established brands looking to explore the digital space to keep in touch with their customers.
BlockBar Move to Auction World’s Most Scarce 1970 Japanese Whiskey
Even liquor makers are not left out of the NFT frenzy, as BlockBar became the latest popular wine brand to venture into NFT.
The popular wine and whiskey maker, BlockBar, has introduced an innovative way to auction its luxury wine and spirits in the NFT marketplace. Accordingly, the company seeks to auction the rarest whiskey worldwide on a yet-to-be-announced NFT marketplace.
The whisky “The Last Masterpiece 1970” is produced by the Japanese Karuizawa distillery, which wound up in 2011. According to sources familiar with the Japanese whiskey brand, only 211 bottles remain from the last batch of the drink produced.
The last 211 bottles were produced in 1970, and the selected one is exclusive as the first-ever NFT collectible. BlockBar has indicated that the pioneer NFT collection is a special edition of its brand.
In addition, the unique bottle comes with a customized artwork created by Japan’s most decorated calligrapher, Souun Takeda. The auction will begin on July 12, with the opening bid set at $75,000.
BlockBar is looking to make headway as the first whiskey producer to develop an NFT product with the limited-edition collectible. This may pave the way for other wine and spirits makers to devote some of their products to the NFT space.
The digital ecosystem is booming with more activities, which ensures a continuous flow of events.
NFT as a Marketing Tool
The NFT’s emergence comes with a renewed drive by businesses to leverage the unique features to expand their customer base. Digital art collectors are not the only ones making use of non-fungible tokens.
The luxury car maker Lamborghini is planning on launching an NFT certification program for its car components.
With this move, the carmaker will authenticate all car parts in its racing fleet as it continues to pursue more NFT-backed racing car fleets. As Lamborghini shows, NFT is more than just a marketing tool, as other firms have yet to explore the NFT ecosystem fully.
Meanwhile, the popular social media platform, Reddit, launched an NFT avatar marketplace, contains ninety unique designs. In addition, it also comes with thousands of NFT collectibles, which will be available to buyers once they become public.
Furthermore, as part of the incentive to promote more adoption of NFT, owners of either the rarest whiskey collection or any other virtual art will have access to the unique features introduced by Tag Heuer. Last month, the Swiss luxury watchmaker deployed the Connected Calibre E4 Smartwatch to all NFT collections.
This ultimately turns the E4 smartwatch into an all-around NFT viewer, an unprecedented feat undertaken by a luxury watchmaker.
Thus, the NFT is quickly becoming more than just an avenue for art collectors as other notable brands are making innovative strides in exploring the space.