What comes to your mind when you hear the words- Bacardi NFT?
Spirit brand Bacardi has always been a figure that stands out from the others.
When it comes to NFTs, most of the brands are jumping on the bandwagon. However, there have been instances where a few of them have been called out for capitalizing on the platform’s benefits without keeping an eye on the negatives.
For instance, a racial comment on McDonald’s NFT launch, around the McRib sandwich led to a backlash around the brand’s image and its ability to control such incidents from happening in the future.
Although, Bacardi on the other hand has been able to capitalize on the benefits of NFTs as a means to engage with its customers and lead some purpose-driven initiatives.
Bacardi NFT Project To Launch A Drink
In September 2021, Bacardi announced the launch of its five-year Cask Finish Series. Although, the announcement regarding the same was made on August 16th, on the occasion of National Rum Day.
The brand debuted with the BACARDI Sherry Cask Finish NFT. As per the official brand website Bacardi Cask NFT the limited edition, Bacardi Reserva Ocho Sherry Cask Finish is an addition to a list of premium offerings from the brand. The product is unique in a lot of ways. It is aged under the Caribbean sun and stored in a variety of barrels.
Adding on the final drink also contains an essence of almonds and chocolates.
For the launch of their newest drink, Bacardi decided to go the NFT route. The project brought celebrity photographer Cam Kirk into the picture.
Cam has had quite impressive career as a photographer in the past. Being in the industry, he has worked with the likes of Nike, Gucci Mane, Estelle, and DJ Khaled. Adding to the list of accomplishments is the fact that he has been featured by Forbes, Rolling Stone, ESPN, and more for his candid and raw style of photography.
According to Cam Kirk, he collaborated with the brand to showcase the comparison between the rum aging process and photography. Moving further, Cam Kirk explained the entire process and the visual description of the NFT.
“The NFT starts with me at my studio as I shoot the all-new BACARDĺ Reserva Ocho Sherry Cask Finish. As I move closer to the bottle, I’m suddenly drawn inside and teleported to a sun-soaked tropical island. Emblematic of the balmy Caribbean, where BACARDĺ premium rums are aged, this three-dimensional, pixelated universe is meant to give off a very digital and futuristic feel.”, he mentioned in a statement as published here.
Cam wanted the viewers to get a first-person experience as he shoots the rare, one-of-a-kind rum.
About The NFT
The NFT’s recipient gets access to a series of digital assets, including a 3D video, BTS content from Cam Kirk’s shoot, and a virtual “gift box” that includes a set of recommendations to enjoy a bottle of BACARDI Reserva Ocho Sherry Cask Finish, from the man himself, Cam Kirk.
Starting September 1st, the auction for the NFT went live, and the interested consumers could place a bid to buy the NFT.
The proceeds from the NFT were decided to go to the “Backing the B.A.R” initiative, which is an initiative supporting black-owned establishments pursuing liquor licenses.
Bacardi NFTs in The Music Industry
Apart from launching their spirits using the NFT ecosystem, Bacardi took yet another purpose-driven route when it launched a program for aspiring artists in the music industry back in 2017.
Adding to its program, the spirit brand decided to launch an NFT around the same project. On October 13th, Bacardi came up with an NFT auction, behind the central component of the project called Music Liberates Music, a program for aspiring artists. For the 2021 edition, the focus is upon the underrepresentation of women in music production.
The NFT collection is around three musicians – Bambii, Denise De’ion, and Perfxn to create a set of tracks, which were then minted further into NFTs. These NFTs were then auctioned off through the program. Collectibles were listed on Sturdy Exchange.
Sturdy Exchange is an NFT marketplace developed by creative studio Sturdy, that seeks to differentiate itself from other competitors by keeping artists at the center of the entire NFT process, from ideating to selling their collectibles. This is an addition to Bacardi’s already prominent presence in the music industry.
However, add NFTs to the entire equation and you’ve got a perfect recipe for a well-executed marketing strategy for a brand.
“[Sturdy Exchange] is a platform created by creatives for creatives, so it’s amazing for us because it really fits the brand’s DNA and vision,” Bacardi’s global head of marketing communications, Laila Mignoni, mentioned in a statement when asked about these NFTs.
While Bacardi can be termed as one of the front runners when it comes to NFTs and brand associations, it certainly isn’t the last one.
As Bacardi was moving forward to launch its own set of NFTs, Budweiser moved forward with its own NFT collection along with Gary Vaynerchuk’s media company Vayner Media’s NFT arm VaynerNFT.
Furthermore, Stella Artois also entered the NFT fan frenzy by teaming up with Marcus Samuelsson on a fried chicken-themed NFT drop.
With Bacardi’s entry into the NFT space, it paves the way for altogether another industry, i.e. spirits, to enter the ecosystem. As much as it is a good sign for the non-fungible tokens enthusiasts, the brands entering this arena need to be careful about how they are using NFTs to generate awareness and/or engagement.