LEXINGTON, Ky., Aug. 23, 2022 (GLOBE NEWSWIRE) — Today, BARRELX announced the launch of a newly founded NFT marketplace for barrel-aged spirits. The first sale on the BARRELX market will fractionalize 500 barrels of bourbon into commodity-based spirits-related NFTs. As a first of its kind marketplace, this will open the door to opportunities, which until now were reserved for industry insiders and heavily financed market makers. Each barrel of aged spirits is uniquely identified and secured in bonded rickhouses, located in Kentucky.
BARRELX is a collaboration between Jupiter Group, a leader in art and technology integration, and a group of spirits experts with over 50 years of collective experience in the alcohol industry. These groups are coming together to disrupt centuries-old barriers and practices by evolving the way casks of aged spirits are accessed, authenticated, held and traded, which will pave the digital way to access, authentication, storage and insurance. The platform establishes both a primary and secondary market for barrel-aged spirits that changes the way the spirits industry can use blockchain technology. NFT holders will have the opportunity to participate in this journey on the ground floor with a product that becomes increasingly complex, desirable and historically more valuable with age.
“The barrel spirits market is ancient. Millions of barrels of bourbon change hands every year without moving an inch. BARRELX is changing the game and enabling new innovation in a centuries-old industry,” said Matt Shirah, co-founder of BARRELX. “There are so many brands and so few producers, which means that everyone is competing for a limited number of stored barrels. The market is inefficient and generally inaccessible. We hope that with BARRELX we can open the door to everyday consumers and collectors who have an interest in older spirits by giving them access to leading distilleries and brands through this new technology.”
Buyers will have the option to choose from a variety of vintage Kentucky Bourbons to buy, and ultimately sell or trade. When the liquor matures, as predetermined by the smart contract, BARRELX NFT holders have the option to sell the rights associated with that NFT or redeem it for bottles of the actual liquor from the unique barrel. The redeemable barrels will be stored for a minimum of 4 years. If permitted by state law, NFT holders in the United States will have the option of having the liquor shipped directly to their residence. Shipping to NFT holders outside the US can also be arranged through an international customs broker, but subject to the law of the recipient’s jurisdiction. In addition, BARRELX NFT owners will have the opportunity to select a unique bottle for their bourbon before receiving the shipment.
In early September, the spirits within the 500 barrels of bourbon will be sold on BARRELX’s direct proprietary marketplace. Each cask will be fractionated into tenths, creating 5,000 opportunities to own spirits in the form of NFTs. NFT holders can buy, trade, transfer or sell their NFTs directly on this marketplace. Both crypto payments and fiat currencies will be accepted to make these spiritual NFTs accessible to the masses.
“I am thrilled to be a part of BARRELX, a new and completely innovative company that was built using the latest web3 technology and world-class NFT art,” said Nicole McGraw, CEO of Jupiter Group. “By purchasing these NFTs, you will be able to access the aging spirits industry in a completely unique way for the commercial consumer. We pride ourselves on making the process easy, ensuring your liquid has proven authenticity, and offering the best quality spirits. We are excited to build a community that will take the first steps in democratizing and disrupting an industry that has been untouched for hundreds of years.”
BARRELX NFT’s art and metadata will change with the weather in Lancaster, Kentucky, where the barrels are kept. They will also include a countdown to the fraction of spirits purchased matured to perfection and ready to be redeemed for consumption. The BARRELX marketplace is powered by the Ethereum blockchain.
In addition to redeemable bottles of bourbon, BARRELX’s holder tools and perks also include IRL and metaverse events, limited edition bottle drops, a community of bourbon lovers and more. Additional spirits will be available in future releases.
For more information, visit BARRELX.com.
About BARRELX
BARRELX, a newly founded first-of-its-kind primary and secondary NFT marketplace for barrel-aged spirits, is disrupting centuries-old practices as it changes the way barrel-aged spirits are accessed, stored and traded. Powered by the Ethereum blockchain, BARRELX democratizes intellectual property rights, a commodity historically associated with great opportunity and recently associated with extreme scarcity.
About Jupiter Group
Jupiter Group is a leader in art and technology integration, creating, distributing and monetizing non-fungible tokens (NFTs), which represent digital and real-world assets, including artwork, collectibles and other objects. The company’s mission is to unlock new revenue streams for artists, institutions and brands, forever, and empower them with NFT technology. Jupiter Group develops the infrastructure and supports the business model with integrated marketing, technology and business strategy, allowing customers to focus on their core competencies by supporting them with a white glove service.
Media contact:
Leslie Termuhlen
[email protected]
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