Apt To Be Deluded
July of 2021 feels like an eternity ago despite it only being seven short months prior. I was jubilant at the time, creating what was to my knowledge, the first NFT backed whiskey bottle release in the world. Most of the people I had come in contact with didn’t know what an NFT was, and the majority of those who did were just beginning to flirt with the crypto space. It’s amazing how quickly things change.
At the time, I was cautiously optimistic about how all this would be received; not just the Subtle Spirits Prodigal Son NFT but, NFTs in general. Despite the bros, money launderers, and celebrities all trying to make a quick buck, there are some really positive things happening. The confluence of crypto, blockchain, web 3.0, DAOs, and tokenization technologies pose a serious threat to the status quo in outdated, centuries-old transactional industries like banking, real estate, investments, and yes, even art and whiskey.
The capability for those who create content to self-monetize their artwork, music, and much more is only the tip of the iceberg. Perhaps my favorite NFT utility is in the music industry, specifically with licensing and how artists manage more of their content distribution rights. Last fall the Disco Biscuits released an album with an NFT that included artwork, entrance to shows on their tour, and VIP meetups with the band. With each project like the Disco Biscuits that comes to life, I’ve become more optimistic about the future of this growing technology and its evolving utility, well beyond the collectible spirits and art markets.
Since July, the world of whiskey has warmed up to the idea that tokenizing a collectible bottle may present an additional value proposition to consumers. A few months after the Subtle Spirits Prodigal Son NFTs dropped, BlockBar partnered with GlenFiddich to come out with their version of a Whiskey NFT (claiming, wrongly, to be the first in the space to do so). Robert Mondavi followed shortly after and sold thousands of NFTs linked to individual magnums of their To Kalon vintages. Distillers Dave Perkins of High West and Scott Bush of Templeton chose to explore this frontier by launching the Whiskey Pioneer Fund in December of 2021. Maker’s Mark has taken a slightly different approach by partnering with the existing Party Horse NFT community to be an official sponsor. And just this morning, as I sit here writing this, Buffalo Trace announced the release of their O.F.C Vintage 1982 bottle which is redeemable in the form of an NFT. It includes a library tasting and a VIP visit to the distillery. When you think about it, there isn’t a big difference in concept between that ultra-selective Facebook Whiskey group you belong to and the Bored Ape Yacht Club. If the Sazerac Company, Robert Mondavi, and one of the most traditional bourbon brands on the market (Maker’s Mark) are all jumping into this space, I think we’ve arrived.
So why does all of this matter and how does it relate to Subtle Spirits? If you’re still asking why anyone would pay money for a JPEG file then you’re asking the wrong question. The digital art was just a trojan horse. The inclusion of the physical piece of artwork is a nice added bonus, but the real value is in the community, in the access. That’s why Subtle Spirits NFT holders (HODL’ers) will have exclusive opportunities like joining me on visits to my distilling partners in Kentucky, barrel selections at our bottling facility in California, and access to take part in private tastings of rare spirits from my vault. This is the VIP club before I have a tasting room.
To start, I will be offering NFT holders the ability to help me create one of the next Subtle Spirits blends. Currently, there are only two ways to obtain a Subtle Spirits NFT. Buy the Prodigal Son or Quixotic NFT available on OpenSea.
Welcome to the future.