Block Bar has merged top shelf alcohol with the ethereum blockchain and the results are fascinating! Imagine your luxury wine/spirits inventory as an digital asset library — no need to worry about handling, storing, or securing. You get to enjoy the investment when your ready, or sell it with ease — without ever touching the product yourself. See more about the process and overall value proposition below..
Major Consumer Pain Points Addressed
Authentication: Affirming authentication of an item is increasingly difficult as scammers/fraudsters try to capitalize on high priced items
- Block Bar’s Solution: Alcohol brands will affirm authenticity via their own mint process (more info below)
Storage: Storing alcoholic products can be problematic for a few reasons: (1)Space can be limited (especially if you intend on collecting a large quantity). (2) Required Conditions (i.e. temperature, ) can be difficult to achieve
- Block Bar’s Solution: Block Bar will store the alcohol in their warehousing facility in proper conditions
Selling & Gifting: The process of selling on the open market (or gifting ) and sending the item over delivery networks presents the potential for product damage
- Block Bar’s Solution: By placing each physical alcohol item on the Ethereum blockchain (via nft), consumers are easily able to gift or sell on an nft marketplace (like OpenSea)
Current Brand Offering
1800 Tequila ,Ardbeg, Benriach, Dewar’s, Dictador, Glenfiddich, Hennessy, Johnnie Walker, Karuizawa, Monkey Shoulder, OFC, PATRÓN, Penfolds, Perrier-Jouët, Royal Salute
Block Bar’s Process
Brands Mint Item: The alcohol brand mint their own NFTs using BlockBar’s proprietary smart contracts. With the brand being the “original creator” of the nft, Block Bar is able to easily verify authenticity. Users can view this information on Block Bar’s website.
Warehousing: As the NFTs are minted, the brands ship the bottles to BlockBar’s secure warehouse in Singapore. The warehouses store the alcohol items in ideal conditions (i.e. temperature). Block Bar also insures the items. Personally sorting spirits can be challenging and expensive, so BlockBar handles this step for the consumer.
NFT Sale: — At a specified time the bottles are released. The format of the release could be an auction, first come first serve, or a random drawing. Winners automatically receive the bottles in their Ethereum wallet and on their BlockBar profile once payment is received. If you do not have an Ethereum wallet connected, BlockBar will securely hold your NFTs until you transfer it from My Collection.
Marketplace: Users can list, bid and purchase bottles from the marketplace. NFT holders set the price in either Ethereum or USD.
Redeeming Physical Item: One of the most unique parts of BlockBar is that the digital NFTs are backed by the actual physical bottles. At any point the nft holder can redeem (burn) their digital asset for the physical one. Holders receive a receipt NFT and will have their rare bottle delivered to the address of their choice.
Fee Structure: Collectors are charged 10% of their selling price. The fee is then split between BlockBar and the Brands.
Product Listing Example
The Monkey Shoulder Bored is available to purchase at the Block Bar website as well as OpenSea (and most likely other nft marketplaces). The current floor price for a bottle is 0.1 Eth, or $112, and a total product supply of 2,493. Note, this article was written on 11.22.2022, so the price is susceptible to changes.
Social Media & Website
- Link Tree:https://linktr.ee/blockbar
- Website: https://blockbar.com
- Twitter: @blockbar
- OpenSea: https://opensea.io/collection/blockbar
