A blockchain marketplace specializing in spirits, Baxus, has successfully completed a $5 million seed round led by Multicoin Capital. The funding round also saw involvement from Solana Ventures, as well as notable individuals like Alex Kehaya, Austin Federa from Solana Foundation, and Frank Chapparo from The Block. Specifically, the funding received will support Baxus in its goal of modernizing the luxury wine and spirits market, which is valued at $470 billion globally.

Baxus ensures that buyers on their platform are not subjected to any additional charges beyond the item's listed price. A flat 10% fee is only levied upon the successful sale of a product. Furthermore, purchasers of spirits through Baxus are provided with a Solana minted NFT to validate their ownership. When redeeming the token for the physical bottle or barrel of whiskey, the associated NFT becomes invalid. Baxus emphasizes that all assets are safely kept in its temperature and humidity-controlled vaults located throughout the U.S.