An Aberdeen tech start-up, CryptoDramz, is claiming a world first by auctioning Scotch whisky using digital non-fungible tokens (NFTs).
The firm, founded a few months ago by graduates of Robert Gordon University (RGU), have devised packages featuring a 25-year-old bottle of Talisker in a specially-commissioned vintage oak case.
The package also includes a Glencairn crystal whisky glass, a Harris tweed-covered hip flask and brown leather pouch which has the unique number associated with the NFT either engraved or emblazoned on them.
The firm was founded in March by Ryan Aitken, 25, who is managing director, Murdo McCandlish, business development director, and Joseph McGraw, creative director, both 24, along with an American digital finance consultant and investor, Ryan Caudill, 23.
The concept of NFTs captured global attention in March when an artist known as Beeple sold a record-breaking NFT-backed digital artwork at auction for $69million.
NFTs are generated on ledgers using blockchain then sold via specialist “crypto” marketplaces. Use of blockchain technology, which underpins cryptocurrencies, provides NFTs with a unique signature that is often described as immutable or unchangeable.
The four founders of CryptoDramz said they believe the use of NFTs to authenticate, sell and track the ownership of rare Scotch has created a “new global digital peer-to-peer market”.
The model also creates a “new export model” for Scotland’s whisky industry which could increase international sales and reduce risk, they suggest.
Mr Aitken, urged others to “copy” them and adopt NFTs in the sale of whisky to assure provenance as well as showcase how innovative the industry – and Scotland – is.
He said: “We regard this digitisation of Scotch whisky as the next logical step for the industry. We want people to copy us to help reduce the problem of counterfeit Scotch.
“We also see a significant opportunity for Scotland to reinvent itself on the world stage by embracing and utilising blockchain technology to rejuvenate its economy and show how innovative it can be.”
The sale of what the company said is the first of 20 whisky sets commences Monday, via an online crypto marketplace called OpenSea.
Each sale will be recorded by OpenSea on the Ethereum blockchain, as will any future resales – providing future buyers with a verifiable record of the provenance of each example of the collection.
Successful bidders will receive the items in the oak cases, which have been handmade from whisky barrels by Inverness specialist crafts company, Darach.
CryptoDramz said is targeting revenue of £400,000 in its first year from sales of each of the limited-edition collections it will create, plus the 10% royalty it will get from future resales of them by owners. The firm added it has already been approached by potential investors in the company.
CryptoDramz said it is preparing to release its second NFT-linked collection for Halloween.