Before we delve into the intricacies of our marketplace, we want to express our heartfelt gratitude to each and every one of our followers, community members, and network. We couldn't be more thrilled for this next phase for Cask Capital.
Now, let's get to the critical part. How does our marketplace work? Our goal in developing it was to use the benefits of blockchain technology but have a familiar user experience. That is, we kept the blockchain in the back-end while the front-end experience was like any traditional online marketplace. We'll break it down into a few steps and elaborate on each.
Step 1: register an account
To use our marketplace, you first need to create an account. Creating an account will allow you to explore the user's dashboard. However, if you want to purchase a cask, you must verify your identity. KYC is required because, by law, you need to be an adult to own or trade in alcohol.
Step 2: add a payment method
At launch, we only accept payments in British Pounds. To buy a whisky cask, you must add a payment method, such as a credit card. Alternative payment options, like USDC or other stablecoins, might be added in the future.
Step 3: secure your account with two-factor authentication
Step 4: buying casks
There are two ways to buy casks on Cask Capital. The first is through exploring our Cask Store, and the second is through our community marketplace if offered by someone. We currently have old and rare casks, often more expensive, and new-make casks, which are cheaper but need to mature for longer before they can get bottled.
Once you buy a cask, it mints a token (NFT), which you can view in your dashboard under "My Assets." By law, the casks must remain in the UK-bonded warehouse, which is regulated by HMRC. Shipping the liquid is only possible if it gets bottled first! The casks are held in the duty-suspended warehouses under our licenses, which can be found in the footer of our website, www.caskcapital.io.
Step 5: selling your cask
As mentioned earlier, Cask Capital has a community marketplace where our users can trade their casks. It is the only place to trade in secondary casks. The reason for keeping this in a closed environment is that Cask Capital is fully compliant and licensed in the UK. All users trading in our tokenized casks need to be adults. The trading fee on our marketplace is 1%. To receive payments from selling on our community marketplace, you need to set up a payment account. We have integrated Stripe to process all of the payments on our platform. The payment can take 7-14 business days to be processed, depending on your country.
The second way to exit your cask investment is when your cask has matured. Since whisky is made to be consumed, we have partnered with independent bottlers to fully cover the whisky lifecycle. Our team will offer your matured cask to one of our partners. Once sold, all the proceeds of the sale will be deposited in your account. Cask Capital doesn't charge any fees for selling to independent bottlers.
(OPTIONAL) Step 6: create your own branded whisky bottles
We offer this extra unique service for those who want their own brand of whisky bottles or have a special occasion to celebrate. Reach out to our team for more information on this and to receive a quote.
We have received a lot of interesting questions from our network and community members, which we hope most have been answered with this guide. If you still have questions, please don't hesitate to reach out to us!
Launching our tokenized marketplace is the first, but certainly not the last, step in building a transparent and open market for whisky casks. Make sure to follow us stay up to date, as we can confidently say you don't want to miss what's coming.
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