Glenfiddich whisky introduces 15 limited edition liquor NFTs, each costing Rs 13.5 lakh

Team Udayavani, Oct 28, 2021, 11:22 AM IST

Glenfiddich Whisky is the latest brand to jump on the NFT bandwagon, selling 15 bottles of rare whisky for Rs 13.5 lakh a piece using NFTs. The brand teamed with BlockBar, a non-fungible token (NFT) marketplace, to develop a series of 15 limited edition liquor NFTs, according to PR News Wire. The tokens, which depict an artistic rendition of whisky bottles, are intended to serve as prestige badges for whisky connoisseurs. ”

After acquiring the NFT, the buyer becomes the owner of the real-world physical product represented by the token, with the token serving as a digital receipt that certifies the customer’s ownership and the commodity’s authenticity.”

“The buyer can resell or transfer the NFT through the BlockBar platform at any moment, or redeem it for the physical equivalent,” the brand stated in a statement.

According to Forbes, the whisky’s makers, Distillers William Grant and Sons, say that under their ownership model, the bottle stays in the company’s custody until the consumer wants to claim it, at which point they must destroy – or “burn” – the NFT. Until they do, having the NFT implies that William Grant and Sons will confirm that the customer holds a genuine, 46-year-old Glenfiddich with an Armagnac barrel.

The NFT not only allows customers to brag about their purchases, but it also serves as a counterfeit-proof certificate of ownership, according to the article. The strategy paid off for the company, as the bottles were reportedly sold in seconds.

Many people are cashing in on NFTs as digital currency becomes more popular. Amitabh Bachchan, one of Bollywood’s biggest ever stars, is preparing to release his own NFTs, which will include some of the most distinctive and exclusive artworks surrounding his identity. Big B is one of the first Indian actors to sign up for the NFT.