Big Tequila Brands Preparing to Enter the NFT and Metaverse

There is a growing interest from many brands in the metaverse and non-fungible tokens (NFTs). These include Jose Cuervo, one of Tequila’s big brands. Trademark attorney Mike Kondoudis has reported that Jose Cuervo has filed applications with the US Patent and Trademark Office (USPTO) for multimedia-linked NFTs, digital asset marketplaces, virtual restaurants and virtual distilleries.

Jose Cuervo said in March that he would launch the first such distillery in Decentraland, a 3D virtual space backed by the Ethereum blockchain. This distillery has recently opened. It also has drink mixing challenges and other interactive games for the users. The brand has roped in several designers and digital experience experts to bring its distillery to the metaverse. In this, users will also get information about the ingredients used in making Tequila. The brand, which runs the oldest distillery in Latin America, accounts for about 20 percent of Tequila’s total market.

Another brewing firm, Anheuser-Busch, also filed several applications involving Metaverse about three months ago. It also launched virtual beer cans last year. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. Earlier this month video game retailer GameStop launched beta access to its NFT marketplace. The firm recently launched an Ethereum-based NFT wallet. There are several artwork projects on this marketplace running on the Ethereum mainnet as well as the Layer 2 scaling solution Loopring. GameStop aims to be a big firm in NFT gaming

With the growth of business in this segment, there has also been a rise in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested.

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