Glenfiddich partners with BlockBar to launch whisky NFT
Glenfiddich, partnering with BlockBar, has launched a whisky non-fungible token (NFT). 15 of these NFTs will be created (or minted, in the parlance of the NFT world), each one corresponding to a bottle of 46-year-old Armagnac cask finish Single Malt Scotch Whisky sold by Glenfiddich. BlockBar is a company that sells NFTs for wines and spirits using a range of different blockchain technologies, but Glenfiddich is its first official partner.
Non-fungible tokens are a blockchain technology that allow for the detailed record-keeping of ownership. Essentially, an NFT is a digital record of ownership that is recorded on the blockchain, in the same way that cryptocurrencies record financial transactions. Owners of an NFT can transfer it to other individuals — usually in a paid manner — and have this recorded by the blockchain. Essentially, they act as living receipts of provenance.
The NFTs will be offered through BlockBar’s platform from 19 October.
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