NFTs Enter the Wine and Spirits Marketplace
The new “flex” is no longer a Birkin or an expensive luxury car. It takes the form of digital assets, which usually feature cartoonish depictions of animals. A Non-Fungible Token (NFT) is a non-interchangeable unit of data recorded on a digital ledger based on blockchain technology. An NFT can represent any digitisable item - products like photos, digital art, movies, and audio recordings have all been sold as an NFT.
Last year, it was estimated the NFT market had generated over $23 billion in trading volume, which means the market is no longer considered niche – it’s certainly mainstream. NFTs are now seen as a marketing opportunity; first we saw the high-end consumer brands like Dolce & Gabbana capitalise on the commercial opportunities, and then bigger household names like Taco Bell and Coca-Cola started to dip their toes in this relatively new market. Now, are we ready to welcome spirits and wine into the Ethereum phenomenon?
Our latest blog post for Accela Communications shares more insights, check out the full story here.
