According to the 2021 Dapp Industry Report, the NFT marketplace generated over $23 billion in 2021. That’s billion with a “B.” This was a huge leap from 2020 when the market recorded “just” $100 million in trading volume.
As competition heats up to get in on this rush, new blockchain platforms are being released seemingly every day to provide a space for people and organizations to get in on the action. BlockBar, for example, launched in October 2021 with a mission to list ultra-rare spirits bottles available to crypto-savvy collectors.
In addition to acting as unique, digitally certified works of art, these NFTs grant customers access to physical editions of bottles and accompanying swag. This includes two Hennessy NFTs that sold for 66.49 Ether or $226,450, which allows the buyer (the Angry Pitbull Club) access to super-limited bottles of Hennessy 8. Patrón teamed up with BlockBar on January 25 to release 150 NFTs, selling for 1.15 Ether or $4,500 each, which enables access to the only bottles of its Patrón Chairman’s Reserve ever offered.
This one-of-a-kind blend has, until now, never been released to the public. Fans that purchase this exclusive tequila can also choose to store with BlockBar, who will keep it safe in its virtual bar. If the Hennessy sale is any indication, sales and resales of Chairman’s Reserve will be hot and heavy.
Both of the cognac maker’s NFTs sold within minutes of BlockBar’s sale lobby going live. In addition to the digital art and token, the physical goods Hennessy put up for sale included a commemorative sculpture, a Baccarat-blown and engraved carafe, four tasting glasses fashioned 30 years ago by George Riedel and Yann Fillioux, a pipette, cork holder, and an Arik Levy-designed chest carved from oak staves originating at La Sarrazine, the Hennessy cooperage.
The cognac itself honors the lineage of Hennessy’s seven master blenders, combining one eau-de-vie from each generation to create the ultra-luxury Hennessy 8. The fine spirit, steeped in history, is now owned by the Angry Pitbull Club — a decidedly cutting-edge NFT investor. This aligns directly with BlockBar’s mission, according to its founder and president, Sam Falic.
“We’re democratizing the traditional spirits industry and allowing everyone, anywhere in the world, to participate,” Falic said in a statement. “This is revolutionary and something that could not have been done before BlockBar.com. We are introducing the younger demographic to luxury spirits and the older demographic to NFTs.”
For its part, Patrón seems to be just as excited to have BlockBar connecting its tequila with a younger, digitally-savvy generation.
“We’re thrilled to be working with BlockBar as the first tequila brand on the platform,” Kathy Parker, Patrón’s president and global chief marketing officer said in a statement. “As one of the few brands that still makes tequila by hand, it’s exciting to be able to bring our passion and dedication to perfection and craftsmanship into the digital realm to a new audience of NFT collectors.”
Aged to its full potential in a combination of Sauternes, French Limousin, and New American Oak barrels at Hacienda Patrón in Jalisco, Mexico, this tequila features tasting notes of honey, butter, and caramel followed by citrus touches of orange and tangerine with a wine-like finish that complements its agave notes.
The limited-edition Chairman’s Reserve is bottled in handmade, hand-numbered crystal decanters, and packaged in dome-shaped boxes with front-opening double doors with laser-cut panels that illuminate light and the bottle’s liquid. Constructed of dark, polished hardwood and hammered and engraved metal inlays, the package’s poignant artwork is inspired by Patrón’s birthplace in the Jalisco highland of Atotonilco el Alto, Mexico.
The first-ever tequila NFT from Patrón dropped on Tuesday, January 25, and is available on a first come, first serve basis at blockbar.com/brands/Patron.
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