Kinsale Spirit Company makes history as Rare Irish Malt Whiskey sells on the NFT platform for $100,000
Kinsale Spirit Co. bring some technological innovation to the whiskey world, a space synonymous with tradition.
Last week, Kinsale Spirit Company went to market with the first ever Whiskey Cask represented by an NFT (A non-fungible token) and successfully auctioned on OpenSea crypto marketplace, selling for an impressive $100,000 (over €83,000).
The rare cask is one of the few that remain from Cooley’s original distillery in Co. Louth. Described by the sellers as a rare piece of history, the whiskey, Pallet No. 14730, is from 2001 and resides in an ex-bourbon barrel.
The opportunity was presented to a private group of early investors in crypto who are in Kinsale Spirit Company’s network. The investment case for whiskey, particularly casks, is similar to Bitcoin in that both are seen as a store of value and are both asset classes that inflation fearing investors are increasingly flocking to in order to protect their purchasing power.
NFTs allow crypto savvy investors who may be interested in gaining exposure to whiskey, or any physical good for that matter, to do so without the frictions and costs associated with traditional financial infrastructure. This is a very compelling value proposition, especially to large crypto holders. Two bidders meated it out for the cask, which eventually sold for $100k. The buyer wishes to remain anonymous.
Kinsale Spirit Company was aiming to raise a minimum €60,000 from the auction of the cask, to assist in establishing their new distillery near Summercove, Kinsale, and the auction has surpassed all expectations.
Co-Director of Kinsale Spirit Company, Colin Ross, says: “From the fundraising perspective, I think this is a novel (/world first) methodology by which unique and rare whiskeys can be offered to a whole swathe of interested and liquid investors who want to see long-term value and collectability, while giving Kinsale Spirit Company increased resources to action our significant plans to build a distillery in Kinsale and export multiple brands on a global scale.”
Business partner Ernest Cantillon added“Our own whiskey, Red Earl, is currently featuring in an international trade expo in Hainan, China, and there has been a lot of interest in us generated by the NFT auction.
We are delighted to be bring some technological innovation to the whiskey world, a space synonymous with tradition. To be the first to do this was our primary goal – it’s hard to stand out as a relative new comer – but to exceed our sale target is a real bonus. Our plans for our own distillery in Kinsale are progressing quickly and this windfall will certainly help.”
Kinsale Spirit Company plans on integrating these digital auctions into their offering combining digital and physical. While opening up new channels of whiskey aficionados and avid NFT collectors and crypto currency enthusiasts.
This is a first ever auction of a whiskey cask in this way and an opportunity to be involved in the development of the on-going success story that is Kinsale Spirit Company.