The Whisky Exchange is launching a digital marketplace for the buying and selling of rare bottles.
The Whisky Exchange Cabinet will utilise blockchain technology to curate, authenticate, and sell rare and sought-after bottles of whisky, which the retailer will source directly from producers around the world.
Each bottle sold through the Cabinet will be accompanied by a set of authenticating assets that prove ownership and offer extra traceability for the buyer. Similarly to the non-fungible tokens (NFTs) sold through blockchain-backed marketplaces such as Blockbar or WhiskyGenius, these assets can also be traded via a secondary marketplace hosted by the Cabinet.
The launch of this marketplace comes after The Whisky Exchange's parent company Speciality Drinks was bought by French spirits conglomerate Pernod Ricard in 2021. Its first product release, said to be from a globally renowned distillery, is expected in February 2024.
The Whisky Exchange CEO Nicolas Oudinot said: “We keep a close eye on developments in retail as well as the changing habits of our customers. Seeing how the industry has begun experimenting with the blockchain to help improve authenticity and provenance has been exciting to watch.
“With our experience, network, and credibility in the industry, we wanted to bring something to market that would have as much authenticity in its platform as in its products, something no other marketplace can claim, allowing our customers and producers to embark with us on this new journey.”
Consumers interested in working with The Whisky Exchange Cabinet will be required to register their interest to ensure they meet eligibility requirements.
Read more about the world of whisky NFTs here.