Metacask launching NFT marketplace for luxury whisky casks

Metacask from the canton of Zug has launched the world’s first NFT marketplace for luxury whisky casks, further details of which can be found in a press release. The marketplace is operated on the Casper blockchain and is designed to facilitate trading of high-value whisky casks for experts and aficionados alike.

Metacask launched this marketplace together with CasperLabs, the blockchain solutions provider also based in Zug. Based on the blockchain., the marketplace allows all consumers to hold cask NFTs in a straightforward manner with an eye to increasing their value, the press release explains. NFTs (non-fungible tokens) serve as a form of digital certificate that offer total transparency – not only in terms of ownership and origin, but also for accurate pricing.

Metacask launched the NFT marketplace on April 5 with an initial auction series of 11 NFT casks. One of the casks has already been sold for a price of 9,000 US dollars. The first ten casks put up for auction comprise a curated selection from the main producing areas of Scotland. The casks are permanently stored and monitored in Scotland in a facility regulated by the UK authorities. The owner of an NFT cask can request delivery of bottles from their cask.

“For the whisky aficionados and amateur collectors, blockchain technology makes buying and selling whisky casks much easier and more secure than older, clunkier methods”, explains Nim Siriwardana, co-founder of Metacask, in the press release.

“As Metacask’s whisky marketplace demonstrates, business applications using NFTs stretch far beyond the well-known use cases of purchasing digital art, collectibles and music”, comments Mrinal Manohar, CEO and co-founder of CasperLabs, in the press release.