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Glenfiddich Sells $18,000 Super-Rare Whisky As NFTs – Here’s What That Means – Forbes

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There’s been a lot of excitement about NFTs recently. “Non-fungible Tokens” are essentially digital code that lives on a blockchain and can be used for many purposes that relate to trust – such as proving ownership or authenticity.
Glenfiddich Sells $18,000 Super-Rare Whisky As NFTs – Here’s What That Means
We’ve mostly seen them used to prove ownership of digital goods – most commonly pictures but also video clips, sounds, and even tweets. Similar to what happened with Bitcoin, they evolved from a novel solution to a techy problem into a mainstream news item due to money becoming involved. A piece of art created by the artist Mike Winkelmann (known as Beeple) sold for $69 million at auction this year.  
But the technology can, in theory, be used to establish ownership and provenance of just about anything. Distillers William Grant and Son have recently sold 15 bottles of 46-year-old Glenfiddich whisky for $18,000 apiece, each one accompanied by its own NFT revolving image/ artistic impression of the bottle that not only allows them to show off their purchase but also acts as a counterfeit-proof certificate of ownership. Speaking to them -as well as cousins Dov and Sam Fallic, founders of BlockBar, which handled the technical side of the project – I learned that this would be similar to the asking price for the whisky if it had been sold by traditional methods. After all, there aren’t many bottles of 46-year-old whisky available, and the market for rare spirits as an investment vehicle has grown considerably in recent years.
However, launching as an NFT-backed product drew interest from a far larger pool of prospective buyers than is usually attracted to this asset class – with all 15 bottles selling in seconds.
“When we told our fathers about [NFTs], they thought we were crazy initially,” Dov Fallic tells me.
“Who cares about something that’s digital? But the younger generation spends more time in the digital world than the physical world. That’s where they live, and that’s where they interact.”
Along with cousin Sam, Dov Fallic spoke to many of the individual buyers personally and learned that rather than keeping it locked away forever, many of them do intend to drink the whisky at some point.
When they do, they will have to redeem it. Under their model of ownership, the bottle remains in the company’s custody until the customer wants to claim it, at which point they have to destroy – known as “burn” – the NFT. Until they do, possession of the NFT means that William Grant and Sons will certify that the buyer owns a genuine, 46-year-old Armagnac-casked Glenfiddich. After all, once it’s left their hands, there’s no way to know with one hundred percent certainty that it still exists or is genuine – NFT or no NFT.
William Grant and Sons’ head of luxury, Will Peacock, told me that the distiller has a long history of innovation and has been interested in the idea of blockchain authentication for some time.
“We are always looking at new ideas; most recently, we’ve been working on converting our delivery trucks to work on biogas fuel generated from distillery waste. The whisky is unique – using an Armagnac cask was an innovation in 1973 – and has an incredible flavor. This is a marriage of a very rare, unique proposition in whisky with blockchain that felt right for us.”
This excitement about the potential that NFTs have for opening up new lines of business is reflected in other luxury goods manufacturers and retailers that I’ve spoken to. One of the most attractive aspects is undoubtedly the opportunities created for creating new and deeper interactions with customers.
Often selling luxury products involves establishing lasting connections with the relatively small pool of customers who are wealthy enough to make the purchase. These are customers who expect a high quality of service and a level of personalization in their relationship with brands.
“The key thing here is how we can create new communities of collectors who are interested in really rare, great whisky like this Glenfiddich,” Peacock tells me.
“It’s about new avenues to explore, communities … and how we have an ongoing, long-term relationship. I can see it really expanding, and it sits very comfortably alongside the rest of our business, where we do private client sales, auctions, and so on. There are some really passionate collectors and NFT provides us with a really great service for buyers and collectors.”
As for the younger market – people who are maybe just testing the waters of investment, and attracted to whisky as an interesting asset class, the digital tokens themselves are designed to function almost as status symbols – they can be shown off on social media or incorporated into digital art galleries.
Traditionally, rare spirit buyers might purchase a rare whisky somewhere such as Harrods and then store it in their house, where “Maybe 10 or 20 people at most will ever get to see it and talk about it – today I can put it on social media and everyone can see it – I prove that I bought it … and I think that’s one of the things that’s really changing today,” Dov Fallic tells me, “There’s so much more of a story to tell for everyone.”
Luxury brands including Gucci and Louis Vuitton have been quick to jump on board the NFT bandwagon, but we have so far mainly seen it attached to digital products. But in goods and commodities – where there is a strong resale market, and products are often bought as investments – they have the potential to be equally transformational. It will be interesting to see how other makers and manufacturers react to this opportunity to engage their customers in innovative ways.
You can click here to watch the whole webinar, where I am joined by Will Peacock, head of luxury at William Grant and Sons, as well as Dov and Sam Falic, founders of BlockBar, where we further discuss the potential of NFTs and technology in the luxury goods sector.

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This Week's NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower – Markets and Prices Bitcoin News – Bitcoin News

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by Jamie Redman
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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