At the start of each year, several customers make goals or resolutions that involve trying something new. However, as we approach 2022, it seems as if more businesses, particularly those in the beverage industry, are taking notice and entering the non-fungible token (NFT) market.
Brandessence Market Research provided statistics in mid-November 2021 indicating that NFT transaction volume increased by 328 percent between the first half and third quarter of 2021. "Growth in the non-fungible token market size, driven by an increase in the volume of transactions in the NFT marketplace, continues to be the defining trend of growth," the business notes in a news statement. The research further notes:
"The expanding involvement of big firms such as Microsoft, Home Depot, Tesla, Whole Foods, and Starbucks, as well as the growing attraction of tokenization through cryptocurrencies, continue to be crucial growth drivers."
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More beverage manufacturers are entering the NFT industry. BACARD created its first-ever NFT in conjunction with the autumn introduction of its limited-edition BACARD Reserva Ocho Sherry Cask Finish. BACARD collaborated with renowned celebrity photographer Cam Kirk to produce the NFT, with sales supporting the NAACP's "Backing the B.A.R." project. According to the firm, the NFT exists as a work of art that showcases the new cask finish via digital effects and interactive motion visuals.
"Whenever I embark on a new project, I tackle it with the utmost accuracy and zeal. I saw the Master Blenders' perfect accuracy and enthusiasm when they presented me to the new Sherry Cask Finish, and it was an honor for me to capture it for a fellow rum enthusiast," Kirk commented at the time of the debut. "Because this is my first NFT, I felt it had to be something very exceptional."
As 2022 progresses, we will see how many other beverage manufacturers see the potential worth of the NFT industry.