BlockBar is the world's first direct to consumer marketplace for wine and spirits and the premier marketplace for asset-backed NFTs.
Asset-backed non-fungible tokens (NFTs) are verified physical items stored in a secure vault which have had tokens minted and created to represent a portion of ownership of the physical item. These could range from anything like shoes and luxury handbags to high-end bottles of liquor.
BlockBar solves problems in authenticity, accountability, storage, distribution and marketing all within a central peer-to-peer marketplace. BlockBar securely sources and sells authenticated, redeemable, rare luxury items as NFTs that are compatible with any Ethereum (ERC-20) wallet.
Today, access to high-end bottles is restricted to auction houses and exclusive vendors. Storage of wine and spirits must have proper insurance, climate control, damage prevention, and certificate of authenticity.
BlockBar is making it simple to trade or fully own your own physical bottle by paying either through Ethereum or wire transfers.
How it Works
By offering NFTs directly from luxury liquor brands, BlockBar is able to create tokens that correspond directly to physical bottles.
Consumers can view the details of every release, set alerts to make sure they don't miss the drop, and checkout with MetaMask. BlockBar lists each transactions to verify ownership, authenticity and traceability.
Once consumers own a bottle, they can view the digital collection, redeem the asset, or sell it on the marketplace. Redeeming the asset will burn the NFT in exchange for the physical bottle.
After purchase, the purchaser can see the total value of their portfolio, details of each bottle in the vault, recent trade history, and account information. Bottles can be bought and sold (minus 10% fee) without owning the physical bottles.
One powerful advantage of BlockBar is their ability to authenticate each NFT by buying directly from whisky brands.
Upon selling, collectors receive 90% of the sale price, while the remaining 10% is split between BlockBar and the spirit brand.
BlockBar aims to sell each of its bottles at or below retail price, but they are not a wholesale distributer. BlockBar sends royalties back to the whiskey brands in perpetuity for the lifetime of the NFT and smart contract.
“Whether you grow your collection, send it as a gift, or resell it, authenticity will never be an issue,” they say on their website.
BlockBar’s most recent partnership is with Glenfiddich and they dropped a rare Glenfiddich 1973 Armagnac Cask Finish Single Malt Scotch Whisky on their site on October 19, 2021. Starting bid? 4.74 ETH (~$18,000).