RYAN JOHNSON | ALCOHOL BRANDS ARE GETTING INTO THE NFT SPACE FOR SEVEN FIFTY DAILY
May 18, 2022 Ryan Johnson
“Once a niche of the art and music worlds, the release of non-fungible tokens, or NFTs, has spread among luxury fashion brands and iconic movie franchises alike. More recently, beverage alcohol brands have jumped on the bandwagon, with Budweiserselling all of its $500 NFTs within an hour and Glenfiddich releasing rare bottles of 1973 Armagnac Cask Finish Single Malt Scotch via an NFT drop.
The reasons why a beverage brand might want to get into the NFT space are myriad, from avoiding counterfeit bottles to creating a splash when launching a new brand. But with many of these NFTs attached to physical bottles of alcohol, it also presents questions around compliance—many of which remain unanswered. How can beverage brands both large and small legally dip a toe into the new world of NFTs?”