Modern consumers now have the ability to interface in a digital universe known as the metaverse and purchase digital artwork or pieces known as non-fungible tokens (NFTs). The emergence of NFTs and the metaverse has opened up new possibilities in the digital space for the beverage alcohol industry.
For alcohol beverage brands, the metaverse is currently being used as a platform for advertising. In a virtual distillery or bar, brands have the opportunity to showcase their products through branding and advertising. All the usual compliance considerations for advertising still apply, and brands need to ensure that their target audience is over 21 years of age.
NFTs have an even higher potential to impact the way alcohol is sold and marketed. The ability to purchase an NFT, such as a digital painting of a bottle of scotch, and redeem it in the future for actual physical inventory opens up new possibilities for the industry. It also raises questions about compliance and the legalities of selling alcohol. Brands need to ensure that they have the appropriate licenses and permissions to sell products through this medium.
While the impact of NFTs and the metaverse on the beverage alcohol industry is still being explored, brands should ensure that they are able to navigate the compliance question marks in order to achieve success in this new frontier of digital sales.
More Resources on Digital Sales: