round led by Multicoin Capital. Solana Ventures, FJ Labs and Narwhal Ventures also participated, the firm said.
"Our goal to modernize the collectible spirits market by bringing it online and constructing a liquid marketplace that seamlessly connects buyers and sellers is embodied by our investors who come from the worlds of web3, traditional finance, and whiskey," Baxus said in a post to X. Consumers who purchase booze on Baxus — the focus appears to be mainly high-end whiskey — receive an NFT minted on Solana that proves ownership. Buyers can trade the NFTs on any marketplace that supports Solana, according to the company's website. Once people redeem their token to receive the physical bottle or barrel of whiskey, the NFT proving ownership is voided and the goods are removed from the trading platform.
"This funding will enable us to continue our mission to bring liquidity and transparency to the gargantuan $470 billion global luxury wine & spirits market by scaling our ability to provide trusted authentication and custodial services to our growing marketplace," Baxus said in its statement.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block.
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