353 - Do NFTs Legitimize The Secondary Market? with Zach Weakland of Liquidcraft.io

Bourbon Pursuit

Hobbies, Food, Arts, Leisure

4.9 • 866 Ratings

🗓️ 14 April 2022

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

You can't run away from it... NFTs have now become the buzzword of 2022. Non-fungible tokens, or better known as NFTs was a prediction of mine at the end of 2021 but moreso looking into 2023. I didn't really think they would catch on this quickly and be adopted by so many in the whiskey industry. Now we are seeing the largest brands dip their toes into the water but do you understand what all this means? Zach Weakland is not only a brewer and a distiller but he's also been dabbling in crypto for a few years and now runs a site called LiquidCraft.io. We talk at the very lowest level about what is a NFT and how that relates to bottle sales and trading. And the biggest reason we can see as to why NFTs and bourbon make sense from an allocated bourbon perspective is that it may just legitimize the secondary market. We dive more into experience-based NFTs that are useful for distilleries and what could happen if this scales to tens or hundreds of thousands of bottles that go into a NFT marketplace. Show Notes: Above the Char with Fred Minnick (@fredminnick) talks military vets entering the spirits world Talk first about how you get into the spirits space and then intro crypto Did you have a still in your backyard which is how you learned how to distill? What products do you offer and where are your distributed? Does wormwood actually make you hallucinate or is that fiction? Why did you want to start accepting crypto for your business? Explain at the most simple level, what is a NFT? Does it replace the dollar bill? If I own a NFT do I have the rights to sell it or can I sell it over and over again? How are you taking these NFT concepts and applying it to bourbon? If I buy a NFT that connects to a bottle how is it actually connected? Does the NFT follow the bottle? Can I still trade the NFT after the bottle has been consumed? Does this legitimize the secondary market? What happens if I own 1000 NFTs of bottles, when does this become a storage issue? What if I buy the NFT and I don't turn it in for 10 years? Then do you lose on storage fees? Can I create NFTs for existing bottles or collections? How can experiences be tied to bourbon-based NFTs? Could every bottle from every distillery be minted with a NFT? @craft_liquid Support this podcast on Patreon

Transcript

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0:00.0	Great to meet you guys too. I've been listening for a while. So this is kind of a dream come true to just talk to you guys to be quite honest.
0:06.0	Oh, wow. I wouldn't say dream come true. But, you know, it's something coming true.
0:25.9	You can't run away from it.
0:29.3	NFTs have now become the buzzword of 2022.
0:32.6	Non-fundable tokens, or better known as NFTs,
0:35.2	that was a prediction of mine I had at the end of 2021.
0:38.6	But more so, I was looking into that as a part of 2023. I didn't really think they would catch on this quickly and be adopted by so many in the
0:43.5	whiskey industry, but now we are seeing the largest brands dip their toes in the water. So,
0:48.4	do you understand what all this means? Well, our guest today, Zach Weaklin, he's not only a brewer
0:53.6	and a distiller, but he's also
0:55.3	been dabbling in crypto for a few years, and he runs a site called Liquidcraft.io.
1:00.1	We talk at the very lowest level about what is an NFT and how that relates to bottle sales
1:05.1	and trading. And the biggest reason that we can see as to what NFTs and bourbon makes
1:09.7	sense is from an allocated
1:11.4	bourbon perspective, because it may just legitimize the secondary market. But we dive into
1:17.1	more experience-based NFTs that could be useful for distilleries, and what could happen if
1:22.3	the scales to tens or hundreds of thousands of bottles that go into an NFT marketplace?
1:27.4	With that, enjoy this week's episode, and now here's Fred Minnick with above or hundreds of thousands of bottles that go into an NFT marketplace.
1:32.0	With that, enjoy this week's episode, and now here's Fred Minnick with Above the Char.
1:37.3	I'm Fred Minnick, and this is Above the Char.
1:44.0	This week's idea comes from Joe Hungryman.
1:45.7	Hungryman's his nickname, of course.
	...

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