The Basilur Tea Coin
Basilur Tea is a world renowned Ceylon Tea brand that delivers the finest quality tea in sophisticated and timeless packaging designs. Ever since its inception, the chairman of Basilur Tea, Dr. Gamini Abeywickrama, and the Creative Director, Mr. Andrey wanted Basilur to be more than just a tea brand. When the concept for Basilur was being formulated, the packaging and its design was a core part of the brand. There was a lot of thought placed into the colors, elements, design and structure of the packaging to deliver added value to our customers while elevating the entire Ceylon Tea experience to make it the ideal and thoughtful gift. Basilur Tea was set up by an experienced and ambitious team, who boast several decades of experience in the field. The goal was to fill a niche in the tea market and produce an exclusive tea product that offers both innovation and individuality in packaging and tea. Basilur has since earned a name for its exceptional quality tea products, which are supplied directly from right where the tea is grown – Ceylon (Sri Lanka).
Introducing the world's first tea inspired NFT!
Today, Basilur Tea takes its strength in design to the digital world. Today, Basilur Tea steps into the cutting edge of online technology and takes a step no other tea brand has. Today, Basilur Tea releases its first Non Fungible Token, the Basilur Tea Coin!
The first ever NFT from the tea industry, this is a one-of-one token that encompasses and embodies the very soul of Ceylon Tea and the Basilur brand. Basilur Tea has always been the gold standard of Ceylon Tea, and today we deliver this experience in the form of a one of a kind NFT giving you the chance to become a part of this legacy and history by owning this golden token!
So, what exactly is a Non-Fungible Token? Non Fungible Tokens also known as NFTs gained popularity very quickly just before 2020 began, along with the growth of the cryptocurrency, Ethereum.Non Fungible Tokens are basically any item that is available in both the physical world or in the online community, these items can vary from clothing, to ornaments, videos, images, paintings, website domains, or something as unimaginable as online game characters! Collectibles like these are given special cryptographic identities before they are put onto the blockchain like cryptographic codes so that they are protected from being duplicated. But here’s the twist. The term ‘Non Fungible’ means it's not exchangeable, so you can’t trade these items for something else because they have a special value unique to them. Two items that appear to be in the same kind of category can actually be entirely different that bear two unique values. So any item like this can actually be sold at different values depending on the country's current currency rates and that’s how profits and losses are made in this field.
The value of these items can depend on how common it is or how rare it is. In a scenario where one particular item, say for example a game card, is the card one of fifty or one of five? And if chances lead to your card being rare so out of the five is this the original card or the fifth copy? The majority of NFTs are on the Ethereum blockchain. Ethereum is one of the most prominent cryptocurrencies, and allows NFTs to hold more information including the details of what the NFT is a certificate for. In theory the blockchain - a kind of digital public register - should provide a record of ownership that can’t be hacked or overwritten.
As of the 20th of May 2021, 1 ETH (Ethereum coin) is valued at USD $2951.
OpenSea, Mintable, and Rarible are the three main platforms to buy NFTs. You can bid on items as you would on eBay or other internet auctions sites/apps, and some platforms allow you to purchase items for a set fee. You can initially only purchase the Basilur Tea Coin on Rarible and OpenSea!
So, why did Basilur, a tea manufacturer, get into NFTs? Despite the challenges, we believe that the growth of the NFT ecosystem will only accelerate as more people and companies realize the impact that NFTs can have and implement them more. We believe within five years the NFT space will look radically different than it is today. Thanks to their unique and non-interchangeable nature, NFTs address some of the art market’s biggest and most long standing challenges, such as authenticity and ownership. The potential of NFTs extends beyond art, and as a creative brand that truly wants to revolutionize the tea experience, Basilur stepped into the world of NFTs.