Image via Blockbar
NFT

Crypto Cognac: What You Need to Know About the First Hennessy NFT

The legendary cognac brand’s first non-fungible tokens allow enthusiasts to invest in a blockchain-backed bottle of limited-edition Hennessy 8 — or redeem their NFT for the bottle itself.

We live in a world in which emerging technology platforms are turning all manner of consumer items into proper investment portfolio assets thanks to enhanced visibility and liquidity. There are easy, secure, end-to-end buy-and-sell marketplaces for everything from trading cards to sneakers to watches to Bored Apes — and new ones are sprouting up practically by the day.

And now, with an assist from crypto technology the onward march of digital commerce has touched the world of fine spirits.

On Wednesday, Hennessy’s first NFT offering debuted on digital marketplace BlockBar, giving investors an innovative opportunity to buy into a rare drop of the brand’s Hennessy 8 cognac — whose production was limited to 250 bottles — via the purchase of non-fungible tokens.

So, how does it all work? According to BlockBar, here’s what investors need to know:

  • Each NFT represents both digital and physical ownership of a bottle of Hennessy 8 guaranteed and authenticated on the Ethereum blockchain
  • NFTs cost $226,450 (66.64 ETH as of this writing) per unit
  • Enthusiasts can buy and sell Hennessy 8 NFTs on BlockBar’s marketplace at any time
  • Hennessy 8 bottles are one liter and 40% alcohol by volume
  • Physical bottles are stored by BlockBar under ideal conditions
  • Owners can choose to “burn” their NFT at any time and have the physical bottle shipped to them directly
  • Owner of the first and last units in the drop (No. 1 and No. 250) receive a special additional NFT

This drop is a major step in BlockBar’s efforts to continue normalizing and popularizing luxury liquor products as investment portfolio assets — but there’s no brand out there with quite the kind of profile and fascination that transcends culture, sports, and high society like Hennessy.

The cognac described as “rich, complex, and velvety on the tongue, elegantly displaying berry notes, warm spices, toasted oak, vanilla and toffee” is available now. Visit BlockBar.com to learn more.

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