You can also own NFTs of real-world objects such as rare alcohol collectibles via BlockBar, the world’s first direct to consumer NFT platform for wine and spirit products. One of the first brands to partner BlockBar last year was Scotch whisky label Glenfiddich, which successfully sold 15 bottles of a rare 46-year-old single malt for US$18,000 within minutes. Bidders received an NFT, which contained a revolving artistic impression of the bottle that would also function as a proof of authentication and certificate of ownership.
As much as we try to ignore it, non-fungible tokens (NFTs) are here to stay. In the third quarter of 2021, sales volumes for NFTs grew to $10.7 billion — according to DappRadar — an eight-fold increase compared to the previous three months.
Typically used to represent any digitisable item, from art to video or audio recordings, an NFT is a blockchain-based, non-interchangeable non-fungible unit of data stored on a digital ledger. They are bought and sold online frequently with cryptocurrency.
To continue reading our premium articles,
Upgrade your subscription to as low as $8.33/month to gain unlimited access to ALL of our premium articles!
Have an account? Sign In
