Justins’ House of Bourbon (JHOB), Kentucky’s legendary spirits shop, and Baxus, a blockchain company in the spirits sector, recently announced a new whiskey authentication and trading program, revolutionizing the investment model for the global whiskey digital market.
The JHOB x Baxus platform allows whiskey investors the opportunity to add, track and manage their spirits through a secure online portal. The program is designed to verify the authenticity of each bottle by using advanced blockchain technology, extensive analytics and machine learning. Once scanned in and certified by JHOB, each bottle will be stored in Baxus’ temperature-controlled, state-of-the-art vault and assigned a non-fungible token (NFT) on blockchain, which will list the history, pricing and grading details. Collectors will have 24-hour access to buy, sell, trade, hold or redeem each NFT using credit card, fiat, or cryptocurrency.
“While Justins’ House of Bourbon is best known for the bottles that are oldest in the whiskey world, we’re very excited to be a part of something new to the industry,” said Justins’ House of Bourbon Co-Founder Justin Sloan. “We think authentication is a key piece to the credibility of this new market. This will allow investors to have peace of mind and real-time valuations of their investments as well as access to some of the ROIs being seen in this sector.”
“Justin’s House of Bourbon were pioneers in the modern whiskey market,” added Baxus Founder and CEO Todd Wiesel. “Early on, they recognized the need to help connect whiskey lovers with rare bottles. We are incredibly excited to be partnering with them to help usher in the next generation of whiskey collecting, trading, and appreciating.”
From production to bottling and beyond, the JHOB x Baxus partnership program provides transparency and traceability. In addition to reducing counterfeit products, investors can earn an ongoing royalty fee for every bottle listed. Spirits will be kept safe in Baxus’ vault and sales will be listed online only, not in JHOB stores. There is a 10% sellers fee to create an account, which eliminates the typical 25 to 30% auction house fees.
