With a value that exceeds that of gold and the S&P 500 index, spirits are attracting more and more collectors, especially because this type of investment is recession proof. However, this can be jeopardized if the product sold is not authentic or if it has been poorly preserved. There is now a platform that allows collectors to protect themselves against these risks by backing these spirits with NFTs. Explanations.
NFTs that serve as receipt and proof of authenticity
Given the restrictions on shipping alcohol, major spirits collectors are forced to travel in person to collect rare bottles bought at high prices. Making such a trip to finally obtain a poorly preserved or counterfeit whiskey or rare wine is therefore not an option. Since then, the democratization of digital sales of spirits is necessary even though each country has completely different import regulations and laws. To solve this problem, Blockbar decided to use a technology that is becoming essential in the art sector.
The platform notably uses NFTs to verify the authenticity of rare wine and whiskey bottles from their point of sale to the place of delivery. This is in a secure facility in Singapore. The facility has a temperature control, security and motion sensor system operating 24 hours a day every day of the week. In addition, the NFTs which represent the digital versions of the spirits act as a receipt and proof of authenticity. Thus, customers all over the world can buy rare wine and whiskey from BlockBar and have them stored without traveling.
A solution imagined by spirits collectors
BlockBar co-founders Dov Falic and Samuel Falic came up with the idea for the system after they themselves had trouble sourcing rare spirits. ” As customers, we had not found any solutions or anyone who could help us alleviate this problem. So we came up with our own solution. We work directly with distilleries and use NFTs as an exchanged item to denote proof of ownership. Once the bottle has been shipped, it cannot be relisted, as BlockBar can no longer vouch for its authenticity. “, they said.
Thanks to Blockbar, wine and whiskey collectors can easily unearth and preserve rare bottles directly without worrying about their authenticity or their shipment. This revolutionary solution should also make it possible to further democratize the spirits collection market by making it accessible to everyone through the use of NFTs.
Source : BeInCrypto
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
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BlockBar helps rare bottle collectors protect themselves with NFTs
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