Rikkei Finance

<p>The impact of non-fungible tokens or NFTs was once proved in the music industry. For 2 years bounding with the music industry, NFTs are considered helping artists have already increased their revenue by selling tokenized versions of their recordings, digital art, or virtual and real-world items. For an instance, the first tokenized music album released by 3LAU, an electronic music producer, sold $3.6 million and was the best-selling album using NFT technology.</p><p>Apart from providing plenty of benefits for musicians, record labels, and distributors, NFTs deliver the most convenient way for people, especially Millennials and Gen Z, to interact with their favorite musicians. That’s the reason why Shakira, a prominent Columbian artist, is working with BossLogic to create her own NFT for her fans.</p><p>NFTs are still altering the music industry and other sectors, specifically the alcoholic beverage business. Alcoholic beverage brands have recently joined the game. Budweiser, for example, sold all of their $500 NFTs in a single hour, while Glenfiddich used an NFT drop to offer a limited number of 1973 Armagnac Cask Finish Single Malt Scotch.</p><p>Let&#39;s begin with the fundamentals: An explanation of non-fungible tokens, or NFTs. The word &#34;non-fungible&#34; denotes exclusivity. A non-fungible token describes a special digital asset, and occasionally it corresponds to a particular object known as &#34;unlockable content&#34;.</p><p>For example, each Glenfiddich NFT is a digital image of a genuine bottle, and that image contains data that corresponds to an actual bottle of Scotch. However, the actual Scotch bottle is not the NFT.</p><h2 id="header-0"><strong>How are alcohol brands selling NFTs?</strong></h2><p>Instead of a real bottle, the digital file is the focus of this sales chain. Each one is linked to unlockable content, such as access to a special menu at the bar or virtual classes on how to mix the drinks. Pernod Ricard, William Grant &amp; Sons, and Mot Hennessy are a few of the top manufacturers that have begun selling NFTs.</p><h2 id="header-1"><strong>Why are alcohol brands stepping into the NFT space?</strong></h2><p>In the alcohol sector, the tokenization of actual bottles is flourishing, opening the path for verifiable authenticity, cutting-edge customer experience and additional financial benefits for companies.</p><h3 id="strong-verifiable-authenticity-strong"><strong>Verifiable authenticity</strong></h3><p>NFTs, like all rare and expensive items, help to combat counterfeiting in the high-end spirits and wine markets. NFTs attached to each bottle allow real-time tracking and authenticated confirmation. Chai Vault is one alcohol brand that employs this blockchain certification method to validate the provenance of its products.</p><h3 id="strong-genuine-bottle-redemption-strong"><strong>Genuine bottle redemption</strong></h3><p>The majority of beverage-related NFT projects allow owners to redeem NFTs for real bottles. Depending on each platform, redemption might be immediate or delayed, enabling the owner to entrust wine bottle storage in a secure area and profit from the potential price increases.</p><p>Napa Valley&#39;s family-run winery Trefethen, for instance, provided nine bottles of its award-winning 2018 Cabernet Sauvignon as NFTs. On behalf of the NFT owners from selected countries, the winery will preserve the wine bottles in its inventory for up to 10 years.</p><h3 id="strong-cutting-edged-experience-for-customers-strong"><strong>Cutting-edged experience for customers</strong></h3><p>Instead of just tokenizing the actual bottles, alcohol companies may offer a variety of cutting-edge experiences to their customers by using smart contracts and tapping into the web-3 culture.</p><p>For instance, every NFT provided by Victoria-based cocktail establishment Clive&#39;s comes with a recipe as unlockable content and gives access to digital experiences, exclusive tastings, and AMA sessions with the bar&#39;s renowned bartender. Or, there is an NFT Wine Club, a noteworthy project, to present a prestigious wine club in the metaverse.</p><p>Also, Budweiser is creating its own metaverse, called Budverse, where NFTs have particular benefits. As an illustration, each Budverse Cans Heritage NFT serves as a key to the metaverse and unlocked special goodies.</p><h3 id="strong-additional-financial-benefits-strong"><strong>Additional financial benefits</strong></h3><p>NFTs may be a powerful financial instrument for wineries. A winery can continue to get royalties from every trade encoded with smart contracts, just like how musicians get more profit from each NFT sale on the secondary market.</p><p>To conclude, NFTs pose a tremendous opportunity for alcohol brands to elevate customer experience as well as enhance their profit and successfully fight against counterfeiting.</p><p><em>For more information, join Rikkei Finance Discord community: <u><a href="https://discord.gg/GM3U44e6PG" rel="noopener noreferrer nofollow">https://discord.gg/GM3U44e6PG</a></u></em></p><p><em>Disclaimer: The information herein is for reference purposes only and should not be considered financial, investment, or trading advice. Please conduct your own research and due diligence before making investment decisions. You understand that you are using the Information provided at your own risk.</em></p>

Why are alcohol brands tapping into the NFT space?

Table of Contents

RikkeiFinance

Další články publikované 14. 10. 2022

16) Legion Network: So Far & What’s Next?

How To Trade MOBX on MEXC

6) Legion Network’s Arcadia and Rewards: A Platform To Earn Crypto Prizes

METAVERSE UPDATE: COMMUNITY TOWNHOUSES AND AVATARS

Edufex allows individuals to fully participate in our world in two major ways.

Europe Finalizes Landmark Crypto Rules

Join our free newsletter for daily crypto updates!