The Glenlivet Distillery has announced the launch of an NFT-enabled collection of single malts named The Glenlivet: The Twelve Elements. The whiskies will be launched on The Whisky Exchange Cabinet, a new online market enabling purchasing via NFTs.
Twelve 1974 vintages whiskies make up the new collection, with the name ‘Twelve Elements’ used to signify the elements needed to create the whisky: barley, water, air, the angel’s share, coopers, copper, distillers, earth, fire, time, and wood.
The single malts will be bottled in summer 2024 to celebrate Glenlivet’s bicentenary. The casks in which the whisky was matured have been carefully selected to “create a liquid of remarkable depth and character” according to cask expert Kevin Balmforth.
Notes of caramel, honeycomb, and spice were imparted onto the whisky from the first-fill bourbon barrels in which it was aged.
All of the whiskies will be 50 years old upon bottling, but 50ml cask samples and 48, 49, and 50 years of age will be available to anybody who purchases the digital certificate from The Whisky Exchange Cabinet when sales begin on February 21st, 2024.
The Glenlivet: The Twelve Elements whiskies (or rather, the NFTs) will be available to purchase for $43,062 each via The Whisky Exchange Cabinet.
Of the project, Balmforth said, “[a]s we commemorate 200 years of The Glenlivet, this ultra-rare collection represents a look to the future and offers whisky enthusiasts worldwide a foray into the evolution of luxury investments.”
This is the latest announcement from Glenlivet Distillery as it continues to celebrate its bicentenary. In addition to The Twelve Elements, Glenlivet has also released a limited edition 12 year old and announced the Fusion Cask Selection.
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What Is An NFT?
A non-fungible token, or NFT, is a unique unit of data, stored on a blockchain, that allows the ownership of assets. ‘Non-fungible’ means that there is no equivalent unit of the same value.
NFTs were devised as a way to transfer and track the ownership of digital artwork. However, they are now becoming more popular as a way of tracking the ownership of physical products as well, much like a receipt, only much more complicated.
There are a lot of controversies and questions surrounding the use of (or even the need for) NFTs in the whisky market.
To find out more about NFTs in the whisky industry click here.
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