Cognac-Maker Hennessy to Release First NFTs for $226,450


Hennessy, the luxury cognac distiller, will drop its first pair of NFTs on Wednesday for a total of $226,450. The mint will take place on BlockBar, an NFT marketplace for rare liquors and alcoholic beverages. The Hennessy NFTs propose several real-world utilities:

  • Two bottles of Hennessy 8, which is a concoction from eight generations of master blenders
  • Two hand-blown Baccarat crystal carafes with eight inset rings to honor the eight generations
  • An ornate chest with 25 layers of oak that symbolizes 10 years of the Maison’s history
  • An elegant toolbox with four tasting glasses originally designed 30 years ago

The NFT holder, if they choose, can also receive a VIP visit to the Hennessy Estate in France.

Dov Falic, the CEO and co-founder of BlockBar, said in a statement, “Hennessy is renowned for innovation and passing down know-how from one generation to the next, so we’re honored the Maison has chosen to partner with BlockBar to mark this innovative milestone with its first NFT.”

BlockBar launched in October of 2021 and has become a go-to marketplace for collectors of rare liquors. The marketplace — and all of the blockchain — aims to solve a problem that ails the realm of rare collectibles: authenticity.

Because transactions through BlockBar take place on the blockchain and are recorded in a public ledger, it is easy to prove ownership and provenance (the ownership trail) of a particular NFT, saving time and effort for collectors while reducing the possibility of fraud.

Hennessy, which is known for its rich, complex, and expensive cognacs, will take advantage of this blockchain convenience, although they are certainly not the first. A quick look at the BlockBar website shows high-powered liquor brands like Glenfiddich and The Dalmore.

Like with other NFTs on the marketplace, the buyer of the Hennessy NFTs on Wednesday doesn’t necessarily have to use them to redeem the attached physical items. Instead, they might try to sell the NFT on the open market if they think the market value of the NFTs will be worth more than what they paid.

For the purchase, BlockBar will set up a lobby 30 minutes before the drop that potential buyers can enter if they hold 1 ETH in their wallet. After the queue is randomized at the start of the sale, the person at the head of the queue can submit their 1 ETH deposit (around $3,250 USD at this time of writing) on the two NFTs. They will then have 48 hours to submit the full ETH payment.