Patrón turns to a DTC spirits marketplace to release its first NFT

by WarriorForum.com Administrator
2 replies
A new article on Marketing Dive reports that Patrón has teamed up with BlockBar.com, which purports to be the world's first direct-to-consumer non-fungible token (NFT) marketplace for alcohol and spirits, to release its first NFT.



Purchase of the NFT grants ownership of a physical bottle of Chairman's Reserve, limited to 150 individually numbered bottles. The endeavor marks a meeting of the physical and digital marketplaces. As public awareness around NFTs grows, brands are utilizing them to provide a unique experience for their consumers as the shift to digital commerce continues.

Patrón Spirits Co. is breaking into the NFT space with its limited-edition Chairman's Reserve, joining the growing trend of brands leaning into digital commerce. The limited-edition tequila will be made available for purchase only on BlockBar.com, which purports to be the first and largest NFT marketplace for high-end or rare spirits and wines. Founded in October 2021, it allows consumers to invest in rare wine and spirits, with the backing of an NFT issued by the brand owner. This helps to remove questions around authenticity.

Once the NFT is bought from BlockBar, the purchaser can opt to keep the NFT while the physical bottle is stored in a secure facility in Singapore or "burn" the NFT in exchange for the physical bottle. A certificate of authenticity is held on the blockchain as proof of ownership while the cryptographic version will be securely held by BlockBar. The NFT can be traded or sold by the buyer, without questions around authenticity.

NFTs are traditionally associated with digital products such as $2.9 million tweets and cat memes that go for almost $600,000. However, many brands have been quick on the uptake as digital consumerism grows. Brands are eager to offer consumers a new digital experience, and NFTs can help to increase brand affinity and awareness by providing personalized, one of a kind products and gifts to their customers. Patrón's move into the space marks a growing trend. In 2020, the total market value generated by NFTs stood at $95 million. By the end of the second quarter of 2021, that had grown to $2.5 billion.
#dtc #marketplace #nft #patron #release #spirits #turns
Avatar of Unregistered
  • Profile picture of the author Profit Traveler
    Banned
    The Spirits industry has indeed created quite a few milllions especially celebs with big followings.

    Even a Kardashian now has a Tequila brand.

    I think this NFT idea will grow and expand.

    For some will be easy money for others thier NFT sale might be traced to thier own wallet. Happened recently.
    {{ DiscussionBoard.errors[11700040].message }}
  • Profile picture of the author RecromEst
    It seems to me that most people still have no idea what the crypto world and the NFT in particular are. I constantly read a lot of negative comments and posts about the NFT in various public places. It's a little frustrating and makes me angry at the same time. I don't understand how you can be so stupid and not be interested in the crypto world. Obviously, this is our near future, and it is very stupid to deny it. I didn't know anything about the crypto world either, but I constantly studied this topic on octo crypto io.
    As for Patrón and creating their own NFT, I think it's a great idea. This will allow you to earn extra money and draw attention to the brand itself. Brilliant!
    {{ DiscussionBoard.errors[11705291].message }}
Avatar of Unregistered

Trending Topics