NFTs (aka Non-Fungible Tokens) have quickly filtered into the beverage industry, much like they’ve infiltrated almost every other industry in the world. But what exactly are they?
The phrase “non-fungible token” is already fairly confusing, so let’s break it down. “Non-fungible” by definition, means “unique.” A fungible element would be something that could be easily replaced and replicated – such as a bottle or can of a widely available macro lager.
Sometimes, such as in the case of a few examples you’ll hear about later, digital NFTs have a real-world equivalent. As such, think of the “non-fungible” aspect of NFTs like the title of a car or the deed to a house.
Tokenizing (aka minting) is the process of someone staking a claim of ownership on the blockchain of a specific digital asset – such as a beverage industry NFT. There are many blockchains, some of which you might have heard of (Bitcoin, Ethereum, Solana, etc.), and as long as the NFTs are minted on them, they are safe, secure and tamper-proof.
So where do beverages fit in!? Great question.