FAQ
What is WhiskyGenius?
WhiskyGenius is a global decentralised marketplace for tradable NFTs backed by physical bottles and casks of whisky. Our platform brings trust and authenticity into the rare whisky investment ecosystem 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 through NFTs.
What is a whisky-backed NFT?
Whisky-backed NFT represents proof of ownership – either to a physical bottle, a cask, or a fraction of a cask. While the physical bottles and casks are stored in regulated and insured bonded warehouses and secured display venues, the digital version (NFT) can be traded and collected freely on the 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 trade 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 ownership of a share of a cask/bottle and the right to related profits from trade by WhiskyGenius.
4. Experiences/Events
Represents the right to an exclusively 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 Account 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 traded can be tracked, thus eliminating the risk of counterfeiting and forgery.
When the whisky-backed NFTs are traded on the market, the physical assets they represent stay securely with the distillery or in WhiskyGenius’ bonded warehouse, drastically reducing logistical risk and costs.
How do I trade my whisky-backed NFTs?
After you have purchased a whisky-backed NFT from WhiskyGenius, you can trade it freely on other trading 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 and happy trading!
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.
Do I need a digital wallet to use WhiskyGenius?
No, you do not. We accept payment with cryptocurrency and credit cards. Your purchased whisky-backed NFT will be held in WhiskyGenius' custodial wallet. If at any point you decided to create or link your digital wallet, you will be able to transfer the NFT over as well.
What does “redeeming” mean?
If you own a physical bottle or right-to-bottle NFT, you can redeem it from your Account page.
For physical bottle NFT:
You will be “burning” the digital representation in order to receive the physical bottle, meaning that the NFT will no longer exist when you redeem the bottle.
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.
Where is my whisky stored?
As you continue to trade the whisky-backed NFTs, your whisky is stored securely with the distillery or in the WhiskyGenius bonded warehouse. [You will see the storage location of each of your whiskies in your Account page.]
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!