It’s the latest global booze brand to jump into non-fungible tokens — a Bacardi NFT drop. The auction celebrates the rum giant’s Reserva Ocho Sherry Cask Finish and goes live 1st September. The first bottles of the exclusive product line will also go on sale at the same time.
Announced on National Rum Day in the US (16th August), the brand has been quick to point out the corporate social responsibility element to this project. Proceeds from the NFT sale will be given to Backing the B.A.R., an initiative the company co-sponsors with the NAACP. The organistion works to support Black-owned establishments looking for liquor licenses.
What’s in the Bacardi NFT Auction?
The first thing we know about the Bacardi NFT auction is that the brand has minted a single token for the sale. Simply put, this is supposed to reiterate the exclusivity of the new Reserva Ocho Sherry Cask Finish. The product is one of five new special-edition rums due to arrive between now and 2025.
As for the actual NFT content, details are sketchy at the time of writing. However, we do know that Cam Kirk is involved. All things considered, he’s one of the planet’s most prominent hip hop photographers with a portfolio of work featuring T.I., Young Jeezy, Estelle, and DJ Khaled. Once this auction is complete, Bacardi has plans for a second NFT drop in the coming months.
Backing the B.A.R.
Because proceeds from the non-fungible token sale are going to Backing the B.A.R. the Bacardi NFT debut can be seen to have a real-world social impact. For those who are unaware of the initiative, the partnership with the NAACP focuses on supporting Black-owned businesses.
These include bars, restaurants, nightclubs, lounges, stores, and other small enterprises. Simply put, if it needs a liquor license and is Black-owned then the firm is eligible. Over $350,000 in acceleration grants, educational courses, practical support, and entrepreneurship solutions is available. Recipients will receive $10,000 each.
So why is this so important? Simply put, Black-owned businesses are in the extreme minority if you look at the statistics. For example, just 0.002% of public companies in the US are Black-0wned. For all businesses, this increases to just 5.45%. It’s important to note, though, that Black communities account for 12.8% of the total US population. As such, these figures show how much of a problem there is in terms of representation.
Signposting and support to and for Black-owned businesses is becoming more visible following last year’s Black Lives Matter protests. And a number of platforms exist to make it easier to find Black-owned businesses. These include UK Black Owned and Black2Business, We Buy Black, and Official Black Wall Street.
The Bacardi NFT Auction is Not Alone
The Bacardi NFT Auction isn’t the only example of alcohol brands experimenting with NFTs. VaynerNFT and Budweiser announced their partnership last month. Meanwhile, around the same time, Stella Artois teamed up with Marcus Samuelsson on a fried chicken-themed drop.