- 4 days ago
The world’ s first NFTs representing fractionalized ownership of a whisky cask, “Genesis Cask”
UniCask Co., Ltd, has announced Springbank 1991 as its “genesis cask” to be released as the world’ s first NFTs. They represent fractionalized ownership of a whisky cask, making whisky cask purchase available to everyone.*
After releasing NFTs of casks of Japanese Whisky last April, UniCask plans to sell fractionalized cask ownership NFTs. These of a highly sought-after Single Malt Scotch Whisky, Springbank 1991.
In April 2021, UniCask Co., Ltd. released the beta version of its web application “UniCask”. It allowed users to easily buy/sell, own, and manage whisky and spirits casks with a smartphone. In addition, “UniCask” helped users to easily prove the ownership of spirits casks and register transfers. Further, manage the online trading history of individual casks.
UniCask trades spirits in wooden casks where the spirits’ value increases as a vintage item. However, the company limits this trading to small communities. For example, this includes contacts of distilleries or people in the spirits business, which made it extremely difficult, or practically impossible for average collectors and amateurs to participate.
Traditionally, paper certificates manage the ownership of spirit casks. Paper-based cask management was also troublesome for distilleries and warehouses to identify the rightful owner and keep the records. Owners of spirits casks had to receive/send physical paper documents to confirm and register ownership.
The only proof of ownership was on paper. Therefore, if someone lost this ownership or wanted to use it while trading online proving the ownership was quite a hassle. For the above reasons, distilleries could not scale up to include general collectors and amateurs who need more frequent ownership changes when trading whisky casks. To solve this problem, UniCask started its service in April 2021, and minted NFTs linked to Japanese Whisky to customers overseas.
The future of UNICASK
UniCask’s next step is to make ownership of whisky and spirits casks possible for everyone by turning a whisky cask into NFTs with blockchain technology. The owner of each fractionalized CASK NFT can exchange their token for whisky. In the future on a fixed date when the cask is bottled. CASK NFTs not only function as certificates to claim the resulting bottles from the cask, but also carry many features such as: helping its owners to partake in UniCask’s games (where each NFT has its own unique attributes). Also, includes the tickets to the exclusive UniCask community. With the next UniCask web application update, fractionalized CASK NFTs will bring its owners enjoyment while they await for the cask to mature.
The “genesis cask”
On 4th October 2021, UniCask held an online event with its partner, Kingsbury in the UK. During the event UniCask announced the release of fractionalized ownership CASK NFTs linked to a Springbank 1991 cask. This event aired live from the warehouse that stores the Springbank 1991 cask. Chris Dai, CEO of UniCask and Gordon Wright, the director of Kingsbury and a member of the founding family of the Springbank distillery gave insightful talks about the merit of NFTs for the whisky lovers. https://www.youtube.com/watch?v=VpbzRUQELcw&ab_channel=UniCaskChannel
Item: Single Malt Scotch Whisky distilled at Springbank Distillery
Bulk Litre: 112.2 Litre
Alc. Strength: 56.40%
Cask Capacity: 250 Litre
Cask Type: Hogshead
Country of Origin: United Kingdom
Producer: Springbank Distillery
*The owner of CASK NFT must be able to legally consume alcohol in the country of residence.
Springbank is a single malt whisky distillery in Campbeltown on the Kintyre peninsula, in western Scotland. Since its creation in 1828 to this day, Springbank’s single malt has been loved by whisky connoisseurs. The distillery is located within several hundred meters from the Firth of Clyde. It is said to impart saltiness to the whisky during maturation and makes Springbank a complex single malt with rich flavours. Springbank is also one of the few distilleries that the late whisky critic Michael Jackson gave his highest five stars and enjoys great popularity.
About UniCask’s blockchain support
UniCask aims to make luxury whisky casks available to all and is thus designed as a multi-chain compatible NFT. In addition to the Ethereum blockchain, UniCask will also support other blockchain protocols such as our partners Astar/Shiden and Taraxa. UniCask plans to add support for more public blockchains in the future.
For more info, please visit: UniCask https://unicask.jp/