Hennessy is selling $226,000 NFTs of its luxury cognac that also reserve the rights to the real thing

Hennessy bottles on a production line
GEORGES GOBET/AFP via Getty Images

Cognac brand Hennessy will release its first non-fungible tokens on the NFT platform BlockBar and is starting Wednesday with a collection that will give buyers the rights to actual bottles.

The tokens depict the first and last bottles of Hennessy 8 — a popular limited-edition release of the alcoholic beverage — and each is priced at 70.47 ether, or about $226,450.

"Crafted using one eau-de-vie from eight generations of Hennessy Master Blenders, Hennessy–8 embodies 250 years of excellence," said the LVMH-owned Hennessy in a press release.

Hennessy's NFTs also represent ownership of a physical bottle. Customers can buy, sell, and trade the NFTs, but once an owner wants to enjoy the actual drink, Hennessy will send them the real bottle of liquor.

Owners also have the option to engrave a personalized message on the carafes and visit to the Hennessy estate in Cognac, France.

BlockBar is a spirits-focused NFT platform, offering various digital items from luxury alcohol brands that each correspond with a physical bottle. Designed into each NFT and physical bottle is an engraved carafe, cork holder, pipette, authentication plate, and other trimmings.

After ballooning to a $41 billion market in 2021, the NFT space continues to boom. Bullish experts say these tokens are the key to unlocking the next phase of the internet, though some still aren't sold.

In November, beverage-giant Budweiser launched its "Key to the Budverse" line of ethereum-based NFTs. The company priced each of those 1936-style beer can tokens at $999.

Read the original article on Business Insider