The Glenlivet Employs NFTs and AI for Selling Rare 50-Year-Old Whisky Bottles
Summary:
The Glenlivet, a distillery in Scotland, is utilizing non-fungible tokens (NFTs) and artificial intelligence (AI) to sell 12 bottles of its 50-year-old whisky, with each bottle uniquely labelled via AI. The sale will be facilitated on The Whisky Exchange Cabinet, a blockchain-based marketplace that provides digital authenticity and ownership certificates. The move merges the worlds of alcohol sales and blockchain technology, a trend that has been growing in recent years.
The Scottish distillery, The Glenlivet, is leveraging the power of nonfungible tokens (NFTs) and artificial intelligence (AI) to facilitate the sale of its 50-year-old whisky, which retails for approximately $43,000 per bottle. On February 13, the firm revealed intentions to sell 12 units of the whiskey, which has been ageing at the Speyside distillery in Scotland since 1974. To make each bottle unique, The Glenlivet employed AI to produce distinctive labels. The firm is also utilizing a blockchain-oriented marketplace to guarantee traceability and provenance in the sale of these exquisite spirits.
Sale of these whiskey bottles will be carried out via The Whisky Exchange Cabinet, a marketplace that utilizes NFTs and blockchain technology to create digital ownership and authenticity certificates for every whiskey bottle they vend. During a previous conversation with The Drinks Business, the CEO of The Whisky Exchange, Nicolas Oudinot, mentioned the influx of NFT-focused initiatives in the market. Nevertheless, according to Oudinot, they are choosing to concentrate on vending rare whisky bottles, with technology playing a supporting role in this endeavour.
Kevin Balmforth, The Glenlivet's cask expert, views this collection as a testament to their forward-thinking approach, marking their 200th anniversary in the industry. As per the announcement, the sale is set for February 21.
While the fusion of alcohol and blockchain seems peculiar, this is not the first instance of such an occurrence. Projects designed to integrate blockchain with alcohol have been in existence since 2019. An example is BrewDog, which, on July 5, 2019, permitted investors to acquire shares using cryptocurrencies, thereby expanding its crowdfunding initiative.
Furthermore, in 2022, Munich's MetaBrewSociety provided voting rights on the company's decision-making processes using NFTs and a decentralized autonomous organization (DAO). The enterprise offered "beer share" certificates to allocate varying levels of governance rights to a Munich-based brewery. Additionally, in 2023, mobile phone manufacturer Nokia initiated the development of metaverse applications that linked breweries from a distance. Using augmented reality, brewery tech lab researchers in Australia collaborated with their German counterparts.
Published At
2/13/2024 4:49:53 PM
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