Here’s how NFT Platforms will Transform the Wine Industry

The industry is ripe for disruption — wiNeFTs offer a solution

There’s recently been a flurry of announcements in the Wine NFT space. In early June, Winechain.co (relation to winechain.pt unknown) announced its ambition to “create direct links with new generations of wine consumers around the world”. Meanwhile, the “Wine Bottle Club” announced its latest mint day would also take place in June. I’ve been critical of NFT platforms announcements in the past. I however believe the wine industry is a good target for such technologies. Here’s why in less than 300 words.

• Wines do not travel well. Shaking may not impact the quality, but light and temperature changes sure will. Being able to age, own and trade a prestigious cru without moving it opens up new commercial avenues for all stakeholders.
• Wines are an asset class. Having a bottle linked to a token would allow people to buy bottles they believe will increase in value in time, and resell them when they deem the time right. This may already be the case, but…
• Using a smart contract ensuring a percentage of each secondary sale is allocated to the producers will benefit small producers. It will allow them to increase their revenues, and perhaps fund expansions.