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Primary Blog/How NFTs and Blockchain Will Impact the Adult Beverage Industry

How NFTs and Blockchain Will Impact the Adult Beverage Industry

Tuesday, November 08, 2022

Through this blog, we want to show you how NFTs and blockchain are creating a new value proposition for customer community building, supply chain modernization, enhanced sales tools, and a reduction in regulation administration in the adult beverage industry. All these things will occur while keeping the public safer and improving competition.

Let’s begin the conversation with NFTs. Spirit NFTs represent a one-of-a-kind digital artwork, representing the brand or the actual craft spirit itself. NFTs can describe a tangible item in a digital world. An example is a 14.545 inches square tungsten cube weighing one ton sold to a group of crypto investors for roughly $250,000 as an NFT.

NFTs add value to the current practice of marketing and selling special batches of bottled or cask spirits. You can also create authenticated NFTs from your current bottles or casks of spirits. Creating these digital assets will instantly create value for these products. Here is an article from Overproof, “Whiskey NFTs and Wine NFTs” with more details about whiskey NFT opportunities.

NFTs will change how distillery, brewery, and winery construction or spirits with long lead times, such as bourbon production, are financed. This is possible because smart contracts are programable on the blockchain. A more interesting concept is when growers or farmers have an exceptional crop, they can be sold as NFTs. A smart contract will send a payment back to the farmer or grower every time the crops are sold during processing. For an exceptional bottle of wine, royalty can be sent back to the farmer or grower every time it is sold using NFTs and smart contracts. The technology to do this is available now. All this is to say, NFTs and blockchain will be a part of our lives. Remember when people were buying things called domain names?

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