When we were first approached by NFTglee regarding the launch of the first ever bourbon NFT, “non-fungible token”, we knew that we had to be a part of history.
As avid bourbon drinkers, we were thrilled to hear that the exciting world of bourbon collecting was making its entrance into the NFT space, with the launch of the first #NFTbourbon at auction.
You may be reading this and asking yourself, “what is an NFT?”
NFT stands for “Non-fungible token” and is a cryptocurrency token that is, essentially, a digital file that serves as the ultimate proof of ownership and authenticity that cannot be replicated. The token can represent assets like digital art, music, real estate, and a variety of rare collectibles. Unlike a fungible asset, which is one that can be interchanged with another unit of equal value, such as currencies like the dollar or euros, non-fungible tokens are proven scarce assets who’s value is not interchangeable with the value of any other NFT. The non-fungable tokens often represent rare physical assets and contain within them a computerized code that signifies clear ownership. As the article “Non-Fungible Tokens: One of a Kind Assets for Collectibles and Rare Items” states, “(NFT) technology has shown its utility in proving uniqueness, scarcity, and ownership for both digital and real-world assets.”
It’s no surprise that the world of bourbon would meet with NFTs at some point. For decades, people have collected rare whisky as it appreciates in value much more than other luxury assets, with “some wealth funds and indices comprising exclusively distilled liquid commodities promise average returns of 12% to 15% per annum,” according to this Bloomberg article.
Furthermore, it is very fitting for the first non-fungable token to enter the #NFTBourbon space is one of the rarest bottles of bourbon in the world, the E.H. Taylor Old Fashioned Sour Mash Kentucky Straight Bourbon Whiskey. The EH Taylor Sour Mash is a bourbon whiskey for a true bourbon aficionado. The recipient of a 2012 Gold Medal as one of the fifty best bourbons, the Old Fashioned Sour Mash Bourbon Whiskey has a 10-year aging process that employs Edmund Hayes Taylor Jr.’s original technique that was used in the 1800s. The resulting bourbon is a full bodied and the small batch release makes it one of the most difficult bottles to find, a collector’s dream.
Through the auction, the highest bidder will be able to have authenticated ownership of this digital piece of history from the founding father of the bourbon industry, Colonel Edmund Haynes Taylor, Jr.
We’re thrilled that the rare one-time offered bottle from Buffalo Trace Distillery is the first to make it into the NFT space and are excited to see how the first #NFTBourbon auction goes. Who will be the highest bidder and own the genesis digital video file of this rare bourbon bottle?
The first-to-market Bourbon NFT of EH Taylor’s Sour Mash can be bid on at the auction here.