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- FAQ
- What is WhiskyGenius?
- What is a whisky-backed NFT?
- What kind of products are there on WhiskyGenius?
- How does it work?
- Why use NFTs?
- How do I buy and sell my whisky-backed NFTs?
- How do WhiskyGenius ensure authenticity?
- What does “redeeming” mean?
- How can I redeem my physical bottle?
- Where is my whisky stored?
- Is redemption guaranteed?
- Do you work directly with brands, and will more be added?
- I represent a brand that wishes to join WhiskyGenius, who should I talk to?
FAQ
What is WhiskyGenius?
WhiskyGenius is a global marketplace to discover, buy, and sell whisky-backed NFTs that represent ownership of physical bottles and casks of whisky. Our platform brings trust and authenticity into the rare whisky market with blockchain technology. We revolutionalise the industry by offering unprecedented access to whiskies around the world as we bridge the gap between brands and the retail market.
What is a whisky-backed NFT?
Whisky-backed NFT represents proof of ownership – either to a physical bottle, a cask, or a right-to-bottle. While the physical bottles and casks are stored in regulated and insured bonded warehouses and secured display venues, the digital twin (NFT) can be collected and sold freely on the WhiskyGenius marketplace.
All of our whisky-backed NFTs are digitally unique, of public record, and easy for anyone to verify their authenticity on the public blockchain, making them impossible to be replicated or copied.
What kind of products are there on WhiskyGenius?
You can collect and sell any of the below products on the WhiskyGenius marketplace:
1. Physical bottle/cask
Represents a physical bottle or an entire cask of whisky. Option to include premium experience.
2. Right-to-bottle
Represents the right to whisky that is maturing in cask. Redeemable for a physical bottle upon bottling.
3. Shared ownership
Represents partial ownership of a cask/bottle.
4. Experiences/Events
Represents the right to an exclusive experience or event organised by WhiskyGenius, brand, or distillery.
How does it work?
We work directly with distilleries and brands from around the world to mint and list whisky-backed NFT onto the WhiskyGenius marketplace.
You can buy, sell, and collect whisky-backed NFTs while the physical assets they represent stay securely in bonded warehouses either under the distilleries or under WhiskyGenius.
When you sell your whisky-backed NFT, it will be automatically transferred to the buyer and the value of the sale will be deposited into the wallet you connected. You will no longer see the NFT in your Wallet page and will no longer be able to “redeem” or transfer it.
All transactions will be documented and stored securely on the public blockchain, making them impossible to be replicated or copied.
Why use NFTs?
Blockchain technology drastically improves security and liquidity within the whisky industry. All records of transactions are documented on the tamper-proof public blockchain - the entire provenance of the whisky can be tracked, thus eliminating the risk of counterfeiting and forgery.
When the whisky-backed NFTs are bought or sold on the marketplace, the physical assets they represent stay securely with the distillery or in WhiskyGenius’ bonded warehouse, drastically reducing logistical risk and costs.
How do I buy and sell my whisky-backed NFTs?
After you have purchased a whisky-backed NFT from WhiskyGenius, you can list it freely on our secondary marketplace or other platforms such as Opensea. As our marketplace continues to evolve, we will be releasing exciting new features such as masterclasses, market data and insights, and real-time trading. Stay tuned!
How do WhiskyGenius ensure authenticity?
WhiskyGenius utilises blockchain technology to prove authenticity. We work directly with distilleries and brands around the world to mint and list whisky-backed NFTs on our platform. Each NFT carries authentic information that can be traced back to the brands, in turn eliminating fraud and counterfeits.
What does “redeeming” mean?
If you own a whisky bottle NFT or right-to-bottle NFT, you can redeem the NFT in exchange for the physical whisky bottle from your Wallet page and we will deliver it to your address.
For physical bottle NFT:
You will be “burning” the whisky-backed NFT (the digital twin) in order to receive the physical bottle, meaning that the NFT will no longer exist once you have submitted it for redemption.
Note that this action is irreversible, so make sure that you are ready for this!
For right-to-bottle NFT:
Right-to-bottle NFTs have a fixed bottling date and is only redeemable after the whisky they represent have been bottled.
How can I redeem my physical bottle?
If you own a physical bottle, you can redeem it from your Wallet page.
Please note that the whisky-backed NFT you wish to redeem must be in your WhiskyGenius account. If not, you must transfer the whisky-backed NFT into your WhiskyGenius account wallet.
- Go to your Wallet and then to the whisky-backed NFT of the product you wish to redeem.
- Once you click REQUEST PHYSICAL BOTTLE, you will be taken to a Shipment Form where you must confirm the item you wish to receive.
- Once you click CONTINUE you will be asked to fill in several details including your shipping address.
NOTE: The receiver of the shipment must be of legal drinking age. - Once you have confirmed the details entered in the Shipment Form, you will be asked if you are sure you want to redeem your whisky-backed NFT to claim your physical bottle. This is important as once you proceed, this action will be irreversible, and you will not be able to recover your whisky-backed NFT.
- Once you have clicked CONFIRM, you will be asked to authenticate your request through a One-Time Password that will be sent to your registered email address.
- Once your redemption request has been submitted you will receive a confirmation email to your registered email address to inform you of the next steps.
Where is my whisky stored?
Whiskies represented by the whisky-backed NFTs are stored securely with the distillery or in the WhiskyGenius bonded warehouse.
Is redemption guaranteed?
Redemption is guaranteed so long as the redeemer is of the legal drinking age within their country and/or local jurisdiction and is compliant to WhiskyGenius’ Terms and Conditions.
If either of the above conditions are not met, or WhiskyGenius is not permitted ship to the designated country or region, the bottle will not be redeemed and the NFT will remain with the holder.
Do you work directly with brands, and will more be added?
Yes, we work directly with brands and distilleries from around the globe to ensure authenticity of products while creating a brand-customer connection. Our mission is to bring whisky to the world - we are always keen to work with new brands from every corner of the globe to add to our marketplace.
I represent a brand that wishes to join WhiskyGenius, who should I talk to?
Drop us a message at contact-us and let’s discuss further!