From Wine, Champagne to Luxury Cognacs… When Liquors Meet NFTs
Who doesn’t love a nice scotch, brandy or cognac after a hard day of work? How about a Hennessey NFT or a can of Budverse? Wait, what? The news is out and some of the largest global alcohol producers are now sinking their cups deep into the most promising blockchain barrels. Let’s have a look at what’s transpired and inquire into what it means for the worldwide spirits market more broadly.
Hennessey & Budweiser raise the bar — using blockchain
In November, beer-giant Budweiser launched its “Key to the Budverse” line of 1936-styled Budverse ethereum-based NFTs. This follows Budweiser move in August that had the company purchasing an NFT picturing a rocket emblazoned with the Budweiser logo created by artist Tom Sachs, as well as grabbing the blockchain domain name beer.eth for 30 ETH.
Cognac brand Hennessy, owned by LVMH, this year released its first non-fungible tokens on the NFT platform BlockBar with a collection that proffers buyers with a physical and digital bottle; as such, customers may buy, sell, and trade their NFTs, and once an owner wants to enjoy the actual drink, Hennessy ships the real bottle to them. Finally, NFT owners may engrave a message on the carafes as well as visit the Hennessy estate in Cognac, France.
Furthermore, Hennessey announced that it would integrate into the Aura Blockchain Consortium, the goal being to “provide full traceability across the supply chain direct from the distillery to the consumer, by providing a unique experience all over the world adding value to the existing distribution network.” Hennessey joining Aura is a clear signal that fine liquor brands are seeking ways to make a securely and equitably produced product and do so using the latest blockchain technology.
Independent Vineyard NFTs? “Wine” not!?
In April, Yao Family Wines became the first vineyard to offer a blockchain product, launching its 2016 Chop Cabernet Sauvignon NFT. We then saw Hello Fam become the first all-NFT wine brand, launching its first vintage, Genesis 2021. Glenfiddich also listed a rare 1973 single malt as well as other limited edition NFTs, and Penfolds — flagship of Australian giant Treasury Wine Estates — launched its own NFT (both sold via BlockBar).
Finally, in a collaboration with CultWines, famed estate Château Angélus — a digital pioneer in Bordeaux — auctioned off an NFT including a barrel of Angélus 2020 primeur. Clearly, utilizing blockchain technology is a significant move to make for spirits and wine producers. For example, in Bordeaux, vineyard owners sell en primeur [wine futures] to merchants without knowing who the final customer is, therefore by using NFTs, vineyards will be able to trace each bottle, know who bought it, where it is stored and under what conditions”.
Indeed, the time has arrived for fine spirits producers and distributors around the world to recognize the importance of blockchain to the viability of their businesses and make efforts to embrace it in any way they can. Surely their most loyal customers will thank them; to that we say cheers!
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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