Collecting is a universal hobby. Some accumulate antique coins, and others amass paintings. A grandfather might collect whisky while his grandaughter may be a non-fungible token (NFT) connoisseur. While both these formats are exciting, a new interwoven approach is redefining collections, bringing together old and new crafts.
Whiskey production is an ancient and precise age-old skill that has been perfected over generations, and NFTs are a brand new product born out of the digital world.
In very simple terms, NFTs are collectable digital files; they could be a virtual piece of art, a video, or anything that exists on the internet.
A single NFT represents a single item but only in digital form. In order to keep track of these NFTs, a system is utilized called blockchain to verify who owns what.
Blockchain is a record-keeping system where each person that has bought an NFT is a member and all members keep logs on all transactions.
Think of it like a bank where each client holds a detailed account of how much money everyone has. This means that even if one set of records is destroyed, there is always a copy.
Now, why are we talking about NFTs? Well, the answer is related to whiskey. Together, they represent a combination of the new and old, which is exactly what the new partnership between Glenfiddich and BlockBar embodies.
The single malt scotch whiskey brand Glenfiddich has teamed up with BlockBar, an NFT marketplace specifically for wines and spirits. Together, they are launching a series of 15 Scotch NFTS that are tied to a physical bottle of 1973 Armagnac cask finish scotch whisky.
This 46-year-old autumn gold scotch holds a deep rich taste with notes of tannin and oak mixed with vanilla. The smell is luscious and fruity with plums and figs which mix well with the sweet syrupy aroma that comes from 21 years in ex-Armagnac cask.
If you choose to purchase this whiskey, you will be transferred an NFT as a receipt that verifies the ownership and authenticity of the product. At any moment, the owner may turn in the NFT for a physical bottle, which will be delivered by BlockBar. Once delivered the NFT is then instantly destroyed.
For collectors or investors, this means that their product is materially protected and stored by BlockBar, so they can acquire a series of high-end liquors without the anxiety surrounding storage, transportation and general safety of their high-cost investment
This process represents a different breed of collecting. It combines the crafts of yesterday with the crafts of today. It combines the brilliance of good scotch and the versatility of NFTs. The digital world and the physical meet to create a single, unique collection.
If you are interested in this mixture of reality and cyberspace, go to BlockBar.com on Oct. 19 to purchase a bottle for $18,000 (approx £13,500).
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