Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,346.03
    +177.96 (+0.44%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,431.09
    +775.59 (+1.11%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,541.25
    +10.65 (+0.70%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

NFT Tied to Rare Whiskey Cask Auctions for $2.3M

A non-fungible barrel of 1991 Macallans Scotch set whiskey auction records Friday, nabbing $2.3 million in the form of an non-fungible token (NFT).

The sale, hosted by NFT marketplace Metacask, surpasses the previous cask sale record price of $574,000 for a similar barrel at auction house Bonhams last August. This edition came bundled with digital art from Trevor Jones.

A pseudonymous buyer who goes by “oldcask” outbid two other bidders active in digital whiskey investments, a PR representative told CoinDesk. The company declined to identify the buyer.

The NFT serves as a digital title for the cask of the whiskey. It was minted on the Ethereum blockchain.

ADVERTISEMENT

Co-founder Nim Siriwardana said the cask NFT was minted and auctioned to showcase the appeal of digitally transferable rights.

“Buyers don’t need to go to a physical auction house to acquire rare and valuable real assets like whisky,” Siriwardana said in a statement.

NFT sales have become increasingly mainstream and popular during the coronavirus pandemic. Sales volumes surged to $10.7 billion in Q3 of 2021, more than eight times more than the second quarter, according to data by DappRadar.