NFTs can pave the way for the alcohol sector to offer luxury and authenticity in one fell swoop
Since 2021, NFTs have become a rising trend in the luxury or ultra-premium alcohol sector, with many high-end brands such as Glenfiddich, Hennessy and Bacardi launching NFTs in the last year to keep up with the launch of limited edition products.
One of the last participants on stage is the Scottish whiskey giant Johnnie Walker, who has launched seven NFTs to follow his rare 48-year-old Johnnie Walker Masters of Flavor whiskey with a limited edition.
Johnnie Walker collaborated with NFT specialists BlockBar, which has a strong focus on the alcohol sector and was the platform that launched Glenfiddich and Hennessey NFT.
“Our intention was always to reserve a number of this extremely limited whiskey for sale in a way that would give whiskey enthusiasts an enhanced, groundbreaking whiskey experience,”told a spokeswoman for Johnnie Walker FoodNavigator-Asia.
“[To add to the luxury of the experience]The set of seven NFTs will give owners an inclusive invitation to a three-day trip to Edinburgh [to] delve into the history of Johnnie Walker and the city’s whiskey production culture?
“[There will also be] a stay at Gleneagles Townhouse and a tour of the Glenkinchie Distillery where Johnnie Walker is made, a guided tour of the Diageo Archive, private tastings of rare, collectible whiskeys from the Diageo collection and dinner at some of the city’s premier restaurants.?
Although Johnnie Walker still seems to see the luxury experience that NFTs can provide as the main motivation for the launch, for BlockBar, NFTs are more than just a passing trend for the premium alcohol sector, but a futuristic digital enabler that brands can use to provide consumers a guarantee of authenticity and traceability alongside the luxury experience.
“NFTs can represent everything from photos, GIFs, music, data, tweets – and in this case bottles of wine and spirits – found on a public blockchain to ensure digital authenticity and ownership,”BlockBar co-founder Dov Falic told us.
“[Instead of looking at NFTs as being just trendy in the wine and spirits space]Our goal is to find a role for NFTs in solving real problems – transparency, authenticity, quality assurance and storage – that consumers and brands usually encounter in the wine and spirits industry.?
“We also saw an opportunity to offer collection and gift of wine and spirits to all demographic groups [by] democratization of the traditional wine and spirits industry [via] NFTs, [as well as] introduces the younger demographic to luxury liquor and the older demographic to NFTs, and we expect to see an increase in high-end liquor investment. ”?
The company believes that NFTs have the potential to do so in a large way in high-end alcohol due to the many challenges the sector faces with food security issues such as food fraud and counterfeiting, and its increasing focus on traceability and authenticity.
“[For what we do with premium alcohol]we only sell asset-backed NFTs – which means you own the physical bottle and NFT acts as proof of ownership, [and this helps tackle] one of the main problems which is authenticity,Falic added.
Counterfeiting is a problem that costs fine wine and liquor brands millions of dollars a year, so wine and liquor brands that use NFTs can prove authenticity by proving where a product came from throughout the sales life cycle, eliminating counterfeiting problems for bottle owners and brand owners.?
“People do not understand how big this industry is, and in our eyes it is still underestimated. [Our goal] for the next five to ten years is to introduce more consumers into the web3 world (the “next stage” of internet predicted by experts is coming, which will mean greater consumer autonomy and will be based on blockchain) and to introduce wine and liquor that collects and invests to a wider range of audiences.?
Continue to focus on audience engagement now?
That said, for Johnnie Walker, the NFT offering is even more a means of engaging with a new audience in a new, futuristic way that combines a traditional product (like Scotch whiskey that has been around for centuries) and trending in recent times. . technology that is NFTs.
“NFTs are definitely an interesting place to be in at the moment and experiencing tremendous interest and growth,”the company told us.
“This collaboration was an example of how we always look to the future and push the boundaries of what is possible in whiskey.?
“[That said], it is difficult to predict how this will develop in the future, but we are certainly keen to keep an eye on this budding industry. I?It is early days and it is still – relatively – in an embryonic moment, so we will follow closely to see how it develops.?
“We ?is fascinated to see what the future holds for NFTs and the entire crypto world [particularly in terms of] new ways to engage people digitally, such as experiencing whiskey at home in an immersive way or enabling them to experience our whiskeys online. For these, we want to be there and create something exciting. “?
