'Circumstance' is a UK-based distillery that recently opened and aims to offer not just innovative styles of whisky and rum, but inventive ways for consumers to purchase the spirits.
The new distillery is setting itself apart as one of the first to use blockchain technology to pre-sell spirits. Consumers are able to purchase digital tokens in the form of cryptocurrency, which may be redeemed at a later point in time for bottles released by Circumstance. The first 1,000 tokens are set to be launched for £30 each, with the second batch costing £35 and the third increasing to £40 per token. As the tokens are on a blockchain, they also have the potential to be traded or sold.
As Circumstance co-founder Liam Hirt describes "Unlike other token sales this isn’t a crowd-funding exercise. This is offering people a way to get involved early and be a part of something interesting."
Cryptocurrency-Centric Distilleries
'Circumstance' Uses Blockchain Tech for Spirit Pre-Sales
Trend Themes
1. Blockchain-based Pre-sales - The use of blockchain technology for pre-selling spirits disrupts traditional methods of purchasing and offers innovative opportunities for early participation.
2. Cryptocurrency Tokens for Purchasing - Using digital tokens as cryptocurrency for buying spirits introduces a new form of payment and opens up possibilities for frictionless transactions.
3. Digital Asset Trading in the Spirits Industry - The ability to trade or sell spirits tokens on the blockchain creates a secondary market and potential investment opportunities within the spirits industry.
Industry Implications
1. Distilleries - Distilleries can adopt blockchain technology for pre-sales, providing a unique purchasing experience for their customers and attracting tech-savvy consumers.
2. Cryptocurrency - The integration of cryptocurrency as a payment method in the spirits industry allows for seamless and secure transactions, expanding the use cases for digital currencies.
3. Digital Asset Trading - The emergence of a secondary market for spirits tokens enables investors to participate in the spirits industry without traditional investments, leading to new financial opportunities.