HIGHLIGHTS
- Degen Distillery’s $DRINK token will officially launch on October 2, 2024.
- The $DRINK token gives holders access to exclusive events, product development influence, and revenue-sharing opportunities.
- Degen Distillery will use 10% of revenue from bottle sales to buy back and burn $DRINK tokens.
Degen Distillery is preparing to launch its highly anticipated native utility token, $DRINK, on October 2, 2024. This Token Generation Event (TGE) marks a key milestone in the company’s mission to redefine the spirits industry through community-driven innovation.
Following the event, the $DRINK token will be available on prominent crypto platforms, including Gate.io, MEXC, and Uniswap.
Based in Brighton and backed by a team of tech experts and product innovators, Degen Distillery is far from a traditional spirits company. It has quickly established itself as a disruptive force, embracing Web3 technology to build a global community of creators, known as the Degeneration, to co-create its brand and products. This forward-thinking approach allows the community to have a direct influence on product development, an opportunity rarely seen in the spirits world.
The $DRINK token is at the heart of this unique venture, offering holders both digital and physical perks. These include exclusive access to events, priority on limited-edition releases, and the ability to participate in the company’s product roadmap through voting mechanisms.
Degen Distillery has also incorporated a buyback and burn model—where 10% of revenue from bottle sales is used to repurchase and destroy tokens, enhancing scarcity and potentially increasing their value over time.
“We’re excited to introduce $DRINK to the world,” said Degen Distillery CEO, Sammy Verghese. “By launching $DRINK, we’re inviting enthusiasts to be part of our journey to redefine the spirits industry. At Degen Distillery, we believe in the power of community-driven innovation, and through $DRINK, we’re unlocking a new era of Web3 and real-world experiences.”
The company’s pioneering approach was evident in its first product launch—the 721 Vodka, a reference to the Ethereum blockchain’s ERC-721 standard used for NFTs. The bottle sold out in record time, a significant achievement for a newcomer in the spirits space.
Collaborating with major players like Brewdog and Google, Degen Distillery is leveraging its Web3 expertise to tokenize and decentralize its salesforce, allowing community members to share in the revenue generated.
The blend of next-gen technology and spirits creates a novel consumer experience, as token holders not only gain access to exclusive products and events but also become stakeholders in the brand’s financial success. Through its innovative use of tokenization, Degen Distillery is offering a glimpse into the future of how consumer brands might evolve—where customers are not just buyers, but co-creators and beneficiaries of the brand’s growth.
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