Connect with us

NFT

The wine and spirit marketplace of the future lies in NFTs

Published

on

The wine and spirit marketplace of the future lies in NFTs

An interview with Dov and Sam Falic, the co-founders of Blockbar, on how crypto is changing the face of the alcohol business.

On hindsight, it was only a matter of time before someone put two and two together. That is, the affordances of techy du jour non-fungible tokens (NFTs) and their implicit ability to identify authenticity and ownership; and the old world of luxury alcohol, whether for investment, trading or personal enjoyment, as married under the Blockbar banner, an online marketplace for spirits and wine enabled by NFTs.
(Related: Culture Group president Michael Patent believes NFTs are here to stay)
Unlike ‘traditional’ NFTs as we know them, buying an NFT from Blockbar doesn’t denote ownership of any digital assets, whether that be video, art or music. Instead, they’re pretty much owners’ certificates, each representing an actual, real-world bottle of rarified spirits stored at Blockbar’s facility right here in Singapore.
“We were beginning to explore the world of NFTs and became instantly hooked. We thought many brands were diving into the NFT space simply because they were trendy – but we saw a bigger picture. Our goal was to find a role for NFTs where they would solve a real problem we saw in the marketplace – authenticity,” says Dov and Sam in a joint reply.
More than that, it also helped solve pain points the co-founders personally experienced during their years working at alcohol retailer Duty Free Americas – “proof of authenticity, storage and accessibility.”
With Blockbar, one can buy and sell exceptional spirits and wine without any of the usual faffing about with logistics or storage. Getting it shipped to you directly, if you intend to drink the stuff you’re trading, would result in the NFT’s destruction (as quality can no longer be assured). Either way, as is customary from an NFT-enabled marketplace, consumers have an option of forking our cold hard cash or cryptocurrency – Ethereum is their blockchain of choice.
“Buying at most spirits auctions usually means buying from a third party or another auction house, putting trust in a source that is removed from the brand itself. Blockbar allows buyers to purchase from all over the world and all drops come directly from brand owners – eliminating any doubt of buying inauthentic products. BlockBar also provides storage of all bottles purchased on the platform, a service traditional auction houses do not offer,” they add.
Being the forerunners in NFT-enabled alcohol trading, Blockbar also has the chance to score sweet deals with established brands, which means exclusive deals ahead of the competition for consumers. Their opening launch back in October featured 15 exceptional 46-year-old bottles of Glenfiddich 1973 single malt scotch whisky – which sold out in four seconds, with a few other bottles having been resold on the marketplace since said launch. They’ve since followed up with rare vintage rum by Dictador, as well as Penfolds in the vino department.
(Related: Are NFTs dead? Christie’s says no with their inaugural design NFT auction titled Furniture Unhinged)
Blockbar’s latest partnership is with 182-year-old Scottish distillery, The Dalmore – the Dalmore Decades No. 4 Collection, an assortment of four exceptional drams, will be offered as an NFT. It will be the only set within the Dalmore Decades selection to correspond to an NFT, making it a rather unique piece of history for collectors looking to bag their hands on the distillery’s first digital collaboration.
“Many customers are returning to see what else they can invest in, becoming fans of new brands and interested in exploring ways of growing new or existing collections. We’re creating a great community that we’re excited to see grow in the future,” they say. “The success of our recent launches with prove there is an appetite for NFT minted purchases of luxury wines and spirits.”
These customers, according to the marketplace’s co-founders, don’t necessarily come from any one demographic – instead, they’re probably a “digital savvy investor looking to diversify their portfolio”, along with sporadic interest from “existing spirits collectors, who appreciate the rarity of our launches and crypto skeptics, who feel comfortable purchasing an NFT due to it being backed by a physical product.”

source

NFT

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

Published

on

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.
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
Check all the news here

source

Continue Reading

NFT

FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

Published

on

source

Continue Reading

NFT

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

Published

on

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.

source

Continue Reading

Trending

Copyright © Diaily Meta News