Since 2021, NFTs have become a rising trend in the premium or premium liquor sector, with several high-end brands such as Glenfiddich, Hennessy and Bacardi launching NFTs last year to accompany the launch of limited-edition products.
One of the newest entrants to the scene is giant Johnnie Walker Scotch whiskey, which launched seven NFTs to accompany its 48-year-old limited-edition Johnnie Walker Masters of Flavor whiskey.
Johnnie Walker has partnered with NFT Specialists BlockBar, which focuses heavily on the alcohol sector and was the platform that launched the Glenfiddich and Hennessey NFTs.
“It has always been our goal to reserve a number of this very limited edition whiskey for sale in a way that provides whiskey enthusiasts with an improved, sophisticated whiskey experience,”A spokeswoman for Johnnie Walker said FoodNavigator- Asia.
“[To add to the luxury of the experience]The group of seven NFTs will give their owners an all-inclusive invitation for a three-day trip to Edinburgh [to] Immerse yourself in the history of Johnnie Walker and the culture of whiskey-making in the city
“[There will also be] A stay at the Gleneagles Townhouse and a tour of the Glenkinchie Distillery where Johnny Walker is being prepared, a guided tour of the Diageo Archive, a private tasting of rare and collectible whiskey from the Diageo Collection and dinner at some of the city’s premier restaurants.”
Although Johnnie Walker still sees luxury, new age experience can be provided by NFTs as a major catalyst for the launch, to BlockBar, NFTs are more than just a passing trend for the premium alcohol sector, but future digital enabling brands can use them to give consumers a guarantee of authenticity and traceability combined with a luxury experience.
“NFTs can represent anything from photos, GIFs, music, data, tweets — in this case, bottles of wine and spirits — that are on the public blockchain to ensure digital credibility and ownership.”Dov Valich, co-founder of BlockBar, 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 to solve the real problems – transparency, authenticity, quality assurance, and storage – that consumers and brands typically face in the wine and spirits industry.
“We also saw an opportunity to showcase collecting and serving wine and spirits to all population groups [by] The democratization of traditional wine and spirits industry [via] NFTs, [as well as] Introduce younger demographics to luxury spirits and older demographics to NFTs, and we expect to see an increase in high-quality spirits investment.”
The company believes that NFTs have the potential to make it big in quality alcoholic beverages due to the many challenges the sector faces with food safety issues such as food fraud and counterfeiting, and its increasing focus on traceability and authenticity.
“[For what we do with premium alcohol]We only sell asset-backed NFTs – which means you own the physical bottle and the NFT acts as proof of ownership, [and this helps tackle] One of the main issues is authenticity,”Falic added.
“Counterfeiting is an issue that costs wine and spirits brands millions of dollars annually, so wine and spirits brands that adopt NFTs can prove their authenticity by proving the provenance of the product throughout the entire sales lifecycle, eliminating counterfeiting issues for bottle owners and brand owners.
“People don’t realize how big this industry is and, in our eyes, it’s still undervalued. [Our goal] Over the next five to ten years, more consumers are being introduced to the world of Web3 (experts predict that the ‘next stage’ of the Internet will be coming, demonstrating greater consumer independence, and will be based on blockchain) and introduce and invest in wine and spirits collection in A wider range of audiences.
Focus on audience participation now
However, for Johnnie Walker, showcasing an NFT is still more than a way to interact with a new audience in a new and futuristic way that combines a traditional product (like Scotch whiskey that’s been around for centuries) and the new age trend of technology that is NFTs.
“NFTs are definitely an interesting space right now and they are seeing huge interest and growth,”The company told us.
“This collaboration was an example of how we always look to the future and push the boundaries of what is possible in whiskey.
“[That said]It’s hard to predict how this will develop in the future, but we are certainly keen to keep an eye on this emerging industry. IT is early days and it’s still – relatively – in an embryonic moment so we’ll be watching closely to see how it develops.
“we Interested in seeing what the future holds for NFTs and the entire crypto world [particularly in terms of] New ways to engage with people digitally, for example experiencing whiskey at home in an immersive way or enabling them to try our whiskeys online. For those, we want to be out there and create something exciting.”