The world's top tequila has released its first-ever NFT in partnership with BlockBar.com, and it comes with a bottle of PATRÓN Chairman’s Reserve.
McDonald’s, Freed’s Bakery, and now PATRÓN have all entered the non-fungible token (NFT) market. PATRÓN teamed up with BlockBar.com, the world’s first NFT marketplace for wine and spirits, to launch the brand’s first NFT, a digital bottle of PATRÓN Chairman’s Reserve.
And while you may be rolling your eyes at yet another NFT, at least it’s not another celebrity tequila…
These limited-edition digital assets are connected to a bottle of PATRÓN Chairman’s Reserve, an exclusive aged tequila that has never before been released to the public. Every NFT purchased includes ownership rights to a physical bottle of Chairman’s Reserve. Only 150 bottles of the 100% Extra Añejo tequila are available on blockbar.com, and each is individually numbered.
Blockbar.com was founded in 2021, and seeks to connect buyers directly to their favorite spirits brands through NFTs. Their physical bottles are stored in a secure facility in Singapore.
"We're thrilled to be working with BlockBar as the first tequila brand on the platform and for PATRÓN Tequila's first-ever foray into the NFT market with the launch of PATRÓN Chairman's Reserve,” says Kathy Parker, President and Global Chief marketing Officer for PATRÓN. “As one of the few brands that still makes tequila by hand, it's exciting to be able to bring our passion and dedication to perfection and craftsmanship into the digital realm to a new audience of NFT collectors.”
The NFT is a simple gif of a spinning bottle of PATRÓN Chairman’s Reserve. The physical version includes a handmade crystal decanter, packaged in a beautiful box with laser-cut panels that allow light to illuminate the tequila. The artwork is inspired by Atotonilco el Alto, the Jalisco highlands, and the PATRÓN Hacienda and agave fields in Mexico.
Once purchased, the NFT is held securely by BlockBar, while the record of authenticity is held on the blockchain. Owners can trade the NFT within the BlockBar marketplace, keep it in the ‘virtual bar’, give it is a gift, or ‘burn’ their NFT to redeem the physical product. Burning is the equivalent of deleting it, or removing it from circulation. Once an NFT is burned, the amount of that NFT in circulation is reduced, which drives the cost of the remaining ones up.
Even on the blockchain, supply and demand remains supreme…
Interested in dropping your own NFT? Look to McDonald’s and their McRib NFT for inspiration. NFTs can be an extension of your merchandising.
One thing our Bar & Restaurant Expo marketing experts always stress is that technology is moving quickly, and if you don’t embrace it, you’re going to get left behind. Want to learn more about marketing, merchandising and growing your business in 2022? Join us at Bar & Restaurant Expo in Las Vegas – early bird tickets are on sale now.
PATRÓN’s NFT will drop on https://blockbar.com/brands/Patron at 10AM EST on Tuesday 25th January, first come first served. The NFT priced at 1.5 ETH (approx. $4,500) may be purchased from BlockBar with Ethereum (ETH) or by credit card.
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