Angel’s Share NFT artwork valued at $2m
The NFT will replace the traditional Proof of Ownership Certificate on the whisky’s cask
The Angel’s Share, an artwork comprised of two items (1-1 special high-resolution uncompressed scan of the oil painting, and a special 1-1 animation. The auction price is set in the region of $2m.
The successful bidder will own the cask, and also receive the digital artwork as part of the NFT.
"Casks cannot be consumed as they are," Nimantha Siriwardana, co-founder of Swiss-based Metacask told Currency.com "There is a maturing and bottling process that happens. However, it’s an asset buyer can accumulate and hold and come back to years down the line to enjoy, whether the returns or the actual liquid!”
With a $2m valuation, the whisky cask could become the most expensive so far. The record price so far for a whisky cask sold at auction is $573,000 (HK$4,464,000).
This was set last month by another 1991 Macallan at Bonhams in Hong Kong, while in 2018, the $1.45m purchase of a bottle of 1926 Macallan, holds the record for the most expensive bottle of whisky ever sold.
You never forget your first cask
Although the first ‘special’, cask on auction is valued at $2m, Metacask expects most of those coming on to the market will be priced around the $3,000 to $10.000 range.
“The first cask is super rare, the cask alone has a value and what someone places as a value on the NFT functionality and the ‘label’ attached is really their personal preference. As we know Trevor's NFTs are hugely prized as he does so few, so to have a 1/1 from him here is something special and we hope collectors will see some added value,” Siriwardana told Currency.com.
“Having said that, not every cask we sell will be $2m. On the contrary, we expect most casks to be priced around the $3,000 to $10.000 range - certainly for young casks which can be left to mature. We will be dropping specials from time to time which will have higher price points, but we recognize that we need to cater to all price points and all types of collectors,” he adds.
The NFT artwork
Jones’ painting The Angel’s Share celebrates Scotland and the enduring talents of whisky production through an abstract depiction of Macallan’s 1991 Cask.
“The colour palette explores the ambers, bronzes and golds of the whisky, the coppers and umbers of the distillery, the greens and purples of the thistle, and the moody greys of the famed and inclement Scottish weather,” as Metacask describes it.
In the last 16 months, Jones recorded breaking drops on the top four NFT marketplaces, SuperRare, Known Origin, MakersPlace and Niftygateway. Jones’ works are highly sought after throughout the NFT art collector community.
Challenge 25 and Dutch auctions to protect buyers
Though hoping to reach relatively young collectors, given the shift in wealth to a new generation of tech-savvy, the Metacask marketplace will be one of the first marketplaces to enforce the ‘Know Your Customer’ before (KYC) participation. KYC is handled by Civic Identity and is on-chain.
“We have specifically developed KYC for this platform in association with Casper and Civic Identity. We can prevent for the first time, underage participants from taking part in our marketplace,” Siriwardana told Currency.com.
"The marketplace will use Dutch auctions for all the casks in the early stages as it evolves to ensure we protect buyers as they are buying a physical asset that has value in the real world and we want to ensure the digital value matches the physical value. Over time as the marketplace evolves and the market becomes smarter, we hope to move away from Dutch auctions, but for now, we will have this protection in place”, he adds.
The auction is scheduled for 18-22 October 2021.