A Cork firm has come up with a unique way to cash in on the cryptocurrency craze.
Kinsale Spirit Company is going to market with the first-ever whiskey cask represented by an NFT (a non-fungible token) and auctioned on the NFT marketplace OpenSea.
The 200-litre cask of Rare Irish malt whiskey is now live for auction until Friday, April 30th with a minimum bid of $10,000.
The rare cask is one of very few left in circulation from the original Cooley distillery. According to the tasting notes, it has a “soft, yet sweet, candy flavour, some lovely fruity character, particularly of sultana and red apple, with a hint of ripe banana”, great body and a very long finish.
The blockchain-powered platform allows bidders to see full traceability from when the cask was entered into auction.
A keen observer on the sidelines of the NFT world, co-owner of Kinsale Spirit Company, local publican Ernest Cantillon says he has long been seeking an opportunity to get involved:
“I thought that combining the rapidly evolving world of blockchain to such a traditional business as whiskey would be fun – such a juxtaposition. When this whiskey was laid down nearly 20 years ago, it would have been hard to even imagine the whole world of NFTs and cryptocurrencies,” he said.
With the first ever auction of a whiskey cask using NFTs underway, Kinsale Spirit Company has plenty of other irons in the fire.
Released in April last year, their Red Earl Whiskey is already being exported to several countries, including strong sales in the US and China.
Two more whiskeys are ready to launch later this year; Great Earl Single Grain Irish Whiskey named in honour of Hugh, The Great O’Neill, and Spanish Earl Single Malt Irish Whiskey, in honour of Juan del Agula, representative of the King of Spain who fought alongside the Irish.