You’ve probably heard all of th wild stories of huge valuations for digital art sold through NFTs.
Now we have an example of how physical assets and goods can be tied to NFTs. A sales on specialty NFT marketplace Metacask sets a new record for a whiskey barrel auction block as an NFT tied to a rare whiskey cask was auctioned off for $2.3 million. Yes, you read that right.
If you don’t understand how NFTs work, check out this helpful NFT primer. NFTs have mostly been used thus far for digital art. But this whiskey cask transaction demonstrates how other assets can be sold using blockchain technology and NFTs.
The NFT serves as a digital title-of-deed for the cask of the whiskey. It was minted on the Ethereum blockchain.
Co-founder Nim Siriwardana said Metacaskminted and auctioned the cask NFT to showcase the appeal of digitally transferable rights.
“Buyers don’t need to go to a physical auction house to acquire rare and valuable real assets like whisky,” Siriwardana said in a statement.
Expect to see more auctions for luxury items and collectibles being sold through NFTs as opposed to traditional auction houses.
