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Proofworks and SegMint offer shared cask ownerships
Digitalisation platform Proofworks has partnered with SegMint by VanEck to launch a shared digital ownership programme for spirits casks.
To launch the partnership, the team has made a 2008 Linkwood Scotch whisky cask available on SegMint, allowing anyone to own a part of the luxury cask until its bottling in 2026.
The whisky was distilled at Diageo-owned Linkwood Distillery in Speyside. The cask is digitally divided into 100 ‘keys’ of ownership and held in a secure digital vault, allowing users to buy, collect and trade.
It is stored in secure, bonded facilities and tracked on the Proofworks distillery and warehouse management platform.
The keys are available now, priced at 0.142 ETH (approximately £300/US$390). Each key represents two bottles of the spirit, redeemable in two years when the whisky has matured to 18 years.
Once bottled, owners can take physical delivery of their bottles, each numbered and embedded with an NFC tag, allowing the owner to ‘tap’ into the bottle to verify authenticity and discover its unique product journey and brand story.
The inaugural whisky release for the initiative was selected by experts for its character, which includes notes of ripe orchard fruits and cloves, along with soft grassy and biscuity aromas.
Each bottle features exclusive artwork created by photographer and whisky enthusiast Ernie Button. The artwork features crystalised remains of the liquid taken from a sample from the cask.
The partnership
The partnership marks a significant milestone for both companies as they move forwards together to develop a new approach to digital spirits ownership.
According to SegMint, the platform has already seen significant interest in Europe and Asia, and has been recognised for building a more inclusive and user-friendly digital asset ecosystem.
Matt Bartlett, head of Web3 at Vaneck, and CEO and co-managing director at SegMint, stated: “At SegMint, we’re building a marketplace that combines the accessibility of platforms like eBay with the exclusivity and unique offerings you’d expect from Sotheby’s.
“We welcome collectors of all kinds and aim to be the go-to platform for connecting them with rare and premium items across global markets. Our goal is to make high-value collectables more accessible, bringing unique opportunities to collectors everywhere.
“The coming together of our technology platforms opens up exciting possibilities, and we see many benefits for collectors and spirits brands as we get ready to launch more unique sales together in the coming months.”
Proofworks’ technology has been widely used across supply chains in Europe, including the UK, and the US, enabling producers and brands to bring their physical assets to market through digitalisation using blockchain technology.
Beyond ownership, the new model utilises Proofworks’ blockchain-backed supply chain platform to deliver full transparency and authentication of the physical cask. This brings much-needed accountability and trust to cask ownership for producers and consumers alike, the company said.
The Proofworks platform assigns each asset with a unique digital identity, which is tracked throughout its lifetime – from the first ingredient to the final bottle.
Rob Hollands, CEO of Proofworks, said: “The pace of change is greater than ever before. Spirit producers and brands are looking for innovative solutions to deliver improved supply chain transparency, unlock new models of ownership and to meaningfully connect with consumers with verified and authentic experiences.
“Our solutions are connecting every stage of the product journey from creation right through the supply chain and into the homes and hands of the consumer.
“This exciting partnership with SegMint brings together two progressive platforms to revolutionise ownership of luxury and rare spirits, making it simpler and more accessible for existing and new audiences.”
In September 2024, Proofworks was accepted as an associate member of The Bonded Warehousekeepers Association (BWA).
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