This Week in the Metaverse: NFT for Luxury Alcohol, and Meta Can’t Keep Giphy

Welcome to “This Week in the Metaverse,” where Fortune brings together the most exciting news in the world of NFTs, culture, and the Metaverse. E-mail [email protected] with tips.

The world of luxury wines and spirits has an authenticity problem.

The 2016 documentary sour grapes, centering on a wine counterfeiter who defrauded collectors of millions of dollars, showed that when it comes to luxury liquor, sometimes it’s hard to know what you’re actually buying. In another case, more than a third of a batch of 55 bottles of rare vintage Scotch whiskey were found wrong after being tested by the Scottish Universities Environmental Research Center in 2018.

One company, Blockbar, is trying to solve this problem by selling NFTs tied to collectible liquor and wine bottles from brands like Johnnie Walker, Hennessy and Remy Martin. Instead of buying and selling physical bottles through an auction, collectors can cut out the middleman and use crypto to buy the alcohol as NFTs on Blockbar’s marketplace, said the CEO and co- founder Dov Falic. Fortune.

It also expands the pool of potential buyers for premium wines and spirits, Falic said, which could pay off for long-term investors.

“Luxury wines and spirits performed better than the S&P 500, better than luxury watches, but it’s just such a small space that only certain people have access to,” he said.

It may seem odd not being able to touch a bottle you may have paid hundreds of dollars for, but Falic said it could be a plus for collectors who may not have storage experience. of alcohol. Blockbar stores bottles in one of two rooms (one for wine and one for liquor) in Singapore that are temperature controlled.

“You just don’t want to store that much value in your home, if you’re looking at it as an investment,” he said.

Collectors who view a wine or spirit as more than just an investment can trade their NFT for the actual bottle, but Blockbar will then burn the NFT, preventing the buyer from reselling the liquor on a secondary market (at least through a NFT).

Spotlight on the artist: Valerii Veduta

Valerii Veduta and his family were displaced after Russia invaded Ukraine in February, but he has been living with the effects of war for much longer.

“I was almost born and grew up as an artist in this war,” he said. Fortune.

Veduta is from a small village in southern Ukraine located on a land barrier called Arabat Spit, located between the Crimean Peninsula and the Sea of ​​Azov. When Russia illegally annexed Crimea in 2014, it created a border through this land, which he knows well. Veduta took this contested border as inspiration for his first photo collection, gray outlinewho captured non-military objects that might look like military equipment at night.

Flash forward to 2022, and Veduta is back in Kyiv and just released the NFT project Wartime Family Album which depicts the hardship inflicted on his family by the invasion.

The collectionwhich is for sale on the Voice digital art market, is made up of a series of photographs from Kyiv, including a photo of a bombed-out building near his house and a photo of his wife and son playing cards near a window between the two airstrike alerts.

Veduta developed all the photos with Ukrainian soil as the printing pigment to give them a yellowish tint before turning them into NFTs, which reflect their life during the invasion, he said.

“It involves more wanting to live,” Veduta said.

Valerii Veduta’s Calm Not Calm Day photograph captures his wife and son in front of a window and is part of his NFT War Times Family Album collection which depicts his family’s experiences during the Russian invasion of Ukraine.

Courtesy of Valerii Veduta

In other news:

Metathe dedicated social media giant billions to his metaverse effortswas ordered by UK regulators this week to sell motion picture company Giphy. This is the first time Meta has had to unwind one of its acquisitions, and it’s a bump in the road for a company as well. in the face of reports of Horizon Worlds’ low popularity.

House in The Sandbox
Metaverse land prices fell about 80% between early November 2021 and early October, according to data from WeMeta.

Courtesy of Sandbox

Crypto Winter also sent a chill to the metaverse land market, with Bloomberg reporting data from the analytics firm WeMeta which shows average land prices in Decentralized and The sandbox fell 80% from early November 2021 to early October. Still, some took advantage of price cuts to buy.

Does your company hire a metaverse main officer? As Bloomberg journalist Matthew Boyle said, companies that hire for this position, like LVMH and P&G, are looking for a resource person for their efforts. These brands are chasing consumers more than they expect to find out how the Metaverse will change the way they work. “They see it as a brand opportunity, down the line, a way to connect with customers,” Boyle said. said on the Bloomberg Crypto Podcast Thursday.

Bored Ape Yacht Club Themed Bicycle Playing Cards
Bicycle plans to release a series of playing cards featuring Bored Ape #1227 next year.

Courtesy of Bicycle Playing Cards

Big fan of poker? What about NFTs? Now you can combine both with Bored Ape Yacht Club– themed playing cards Bike. The over 130-year-old brand has obtained Bored monkey #1227 in June and will put the picture on cards next year.

metaverse halloween evetn
Paris Hilton’s content company 11:11 Media is launching Cryptoween, a metaverse experience in The Sandbox Friday.

Courtesy of 11:11 Media

Paris Hilton’s content company 11:11 Media launched a metaverse experiment called Cryptoween in Roblox this week and widened it at The sandbox Friday. By collecting Halloween candies and playing mini-games, players will be able to enter a raffle that will give them a chance to win the platform’s SAND and NFT cryptocurrencies.

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