NFTs for 46-year-old Glenfiddich single malt whisky to ensure buyers get the real deal

The NFTs for the US$18,000 a bottle whisky can be redeemed for the bottles, or be used as digital receipts to sell them on

Whisky as an investment has been ‘on fire’ for the past two years, says executive of Scottish distiller William Grant & Sons

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An index that tracks the best performing 1,000 bottles of rare whisky has over the past nine years beaten the S&P 500. Photo: Shutterstock Images

Published: 12:30pm, 14 Nov 2021Updated: 9:34pm, 14 Nov 2021

BlockBar, a New York-based start-up, is now using non-fungible tokens (NFTs) to make tracking and trading of high-end liquor – much sought after in Asian markets such as Hong Kong – easier for connoisseurs.

It has partnered with Scottish distiller William Grant & Sons, to issue NFTs for 46-year-old Glenfiddich single malt whisky that costs US$18,000 a bottle. The NFTs can be redeemed for the bottles, or be used as digital receipts to sell them on.

“We always look for new ways of attracting new buyers, and in Asia, a wider strategy is to focus on the opportunity from high-net-worth individuals that have been driving sales in the secondary market for spirits,” said William Peacock, William Grant & Sons’ global luxury director based in Singapore.

William Peacock of William Grant & Sons. Photo: Handout

NFTs are digital tokens based on the blockchain and represent one-of-a-kind collectibles, art pieces and other creative works, which are therefore non-fungible. The use of these tokens has brought to the brand a group of young, tech-savvy buyers that pay in cryptocurrency ether as well as through credit cards on BlockBar’s platform.

Whisky as an investment “was on fire” for the past two years, Peacock said. For instance, 15 NFTs for the 46-year-old Glenfiddich were snapped up in four seconds on BlockBar’s website last month.

The Apex 1000 index, which tracks the best performing 1,000 bottles of rare whisky and is compiled by whisky research site Rare Whisky 101, has risen 373.7 per cent over the past nine year since the index’s inception on December 31, 2012. It has beaten the S&P 500, which has risen 220 per cent over the same period.

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