Home Luxury brand NFTs could pave the way for the alcohol industry to deliver luxury and authenticity in one fell swoop

NFTs could pave the way for the alcohol industry to deliver luxury and authenticity in one fell swoop

0

Since 2021, NFTs have become a rising trend in the luxury or ultra-premium liquor industry, with many premium brands such as Glenfiddich, Hennessy and Bacardi having launched NFTs over the past year to support the launch of limited edition products.

One of the latest entrants to the scene is Scotch whiskey giant Johnnie Walker, who have released seven NFTs to accompany their rare 48-year-old Johnnie Walker Masters of Flavor limited edition whisky.

Johnnie Walker has partnered with NFT specialists BlockBar, which has a strong focus on the alcohol sector and was the platform that launched the Glenfiddich and Hennessey NFTs.

“It has always been our intention to reserve a number of this extremely limited edition whiskey for sale in a way that would provide whiskey lovers with an enhanced and cutting edge whiskey experience,”a spokeswoman for Johnnie Walker said 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 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 Archives, private tastings of rare and collectible whiskeys from the Diageo Collection, and dinner at some of the city’s finest restaurants. ”

Although Johnnie Walker still seems to see the luxury, new-age experience that NFTs can provide as the main motivation for launching, for BlockBar, NFTs are more than just a passing trend for the high-end liquor industry. range, but a futuristic digital enabler that brands can use to give consumers a guarantee of authenticity and traceability alongside the luxury experience.

“NFTs can represent anything from photos, GIFs, music, data, tweets – and in this case bottles of wine and spirits – that exist on a public blockchain to ensure authenticity. and digital property”,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 the real issues – transparency, authenticity, quality assurance and storage – that consumers and brands typically face in the wine and spirits industry.

“We also saw an opportunity to offer wine and spirits collection and donation to all demographics. [by] democratize the traditional wine and spirits sector [via] NFTs, [as well as] introducing the younger demographic to premium spirits and the older demographic to NFTs, and we expect to see increased investment in premium spirits.

The company believes that NFTs have the potential to become a big part of premium alcohol due to the many challenges the industry faces with food safety issues such as food fraud and counterfeiting, and the increasing emphasis on traceability and authenticity.

“[For what we do with premium alcohol]we only sell asset-backed NFTs – meaning you own the physical bottle and the NFT acts as proof of ownership, [and this helps tackle] one of the main issues which is authenticity,”Falic added.

“Counterfeits are a problem that costs fine wine and spirits brands millions of dollars a year, so wine and spirits brands adopting NFTs can prove authenticity by proving the origin of a product while throughout the sales lifecycle, eliminating counterfeiting concerns for bottle owners and brand owners.

“People don’t realize how important this industry is and in our eyes it is still undervalued. [Our goal] for the next 5 to 10 years is to introduce more consumers to the world of web3 (the “next stage” of the Internet announced by experts, which will mean greater consumer autonomy and will be based on blockchain) and to introduce collection and investment of wines and spirits from a wider range of audiences.

Always focus on audience engagement now

That said, for Johnnie Walker, the NFT offering is even more of a way to engage with new audiences in a new and futuristic way that combines a traditional product (like Scotch whiskey which has been around for centuries) and a new trend. -age. technology which is NFTs.

“NFTs are certainly an interesting space at the moment and are seeing tremendous interest and growth,”the firm told us.

“This collaboration is an example of how we are always looking to the future and pushing the boundaries of what is possible in whisky.

“[That said], it’s hard to predict how it will develop in the future, but we’re definitely keen to keep an eye on this fledgling industry. IIt’s still in its infancy and it’s still – relatively – in its infancy, so we’ll be watching closely to see how it develops.

“We are intrigued to see what the future holds for NFTs and the entire crypto world [particularly in terms of] new ways to digitally interact with people, for example by experiencing whiskey at home in an immersive way or allowing them to discover our whiskeys online. For those, we want to be there and create something exciting.