You can’t run away from it… NFTs have now become the buzzword of 2022. Non-fungible tokens, or better known as NFTs was a prediction of mine at the end of 2021 but moreso looking into 2023. I didn’t really think they would catch on this quickly and be adopted by so many in the whiskey industry. Now we are seeing the largest brands dip their toes into the water but do you understand what all this means? Zach Weakland is not only a brewer and a distiller but he’s also been dabbling in crypto for a few years and now runs a site called LiquidCraft.io. We talk at the very lowest level about what is a NFT and how that relates to bottle sales and trading. And the biggest reason we can see as to why NFTs and bourbon make sense from an allocated bourbon perspective is that it may just legitimize the secondary market. We dive more into experience-based NFTs that are useful for distilleries and what could happen if this scales to tens or hundreds of thousands of bottles that go into a NFT marketplace.
- Talk first about how you get into the spirits space and then intro crypto
- Did you have a still in your backyard which is how you learned how to distill?
- What products do you offer and where are your distributed?
- Does wormwood actually make you hallucinate or is that fiction?
- Why did you want to start accepting crypto for your business?
- Explain at the most simple level, what is a NFT?
- Does it replace the dollar bill?
- If I own a NFT do I have the rights to sell it or can I sell it over and over again?
- How are you taking these NFT concepts and applying it to bourbon?
- If I buy a NFT that connects to a bottle how is it actually connected?
- Does the NFT follow the bottle?
- Can I still trade the NFT after the bottle has been consumed?
- Does this legitimize the secondary market?
- What happens if I own 1000 NFTs of bottles, when does this become a storage issue?
- What if I buy the NFT and I don’t turn it in for 10 years? Then do you lose on storage fees?
- Can I create NFTs for existing bottles or collections?
- How can experiences be tied to bourbon-based NFTs?
- Could every bottle from every distillery be minted with a NFT?
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This post first appeared on Bourbon Pursuit at https://bourbonpursuit.com/2022/04/14/353-do-nfts-legitimize-the-secondary-market-with-zach-weakland-of-liquidcraft-io/
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Kenny Coleman and Ryan Cecil host the Bourbon Pursuit podcast from Louisville, KY. Together, they share a passion for the stories that made an industry flourish with a focus on history, personality, and of course, great bourbon. Their guests include master distillers, bloggers, historians, local events and more.