Fine Wine is the next industry to enter the NFT space. This is a project of Vinsent, a mobile app that allows users to buy wine directly from boutique owners. The first NFT Collection features Bordeaux Primeurs ‘Certified by Vinsent’, with an initial deployment on the 2018 vintage Bordeaux Grand Cru wine bottles.
Credit: VinsentVinsent’s search for the right partners
The Wine Bottle NFT Project is a Joint Venture between Vinsent and Laava Team. Vinsent is making a mark in the industry by connecting consumers to boutique wineries. Thus, they get to enjoy special edition fine wine futures at exclusive pricing.
Since Vinsent is not a tech company, they decided early on that choosing the right partner is integral to the success of the project. Thus, they formed a partnership with Laava Team to launch the Wine Bottle NFT Project.
Laava team’s technology uses Smart Fingerprint as the secure authenticator for accessing blockchain, traceability data, digital stories and unique experiences. Thus, their technology is fast becoming The Global Mark of Trust.
Vinsent chose Ravencoin, a fork of Bitcoin, as its blockchain partner. Ravencoin is designed to be a registry of assets. Thus, it efficiently creates and transfers assets from one party to another.
How it Works: From Wineries straight to your Cellar
The customer experience is very straightforward. Each wine bottle has a unique Laava Smart Fingerprint and unique registry on the Ravencoin blockchain as NFTs. So when the customer scans the label, he’ll be able to view the blockchain record representing the Wine Bottle NFT. It will also show an extensive discussion of the wine-making process and its history.
The NFTs are minted while the wines are still in the barrel at partner wineries. It is then bottled and shipped. Laava’s Smart Fingerprint Technology ensures that the NFT-backed wine bottle transitions into the physical world smoothly.
Industry Perspective
It is interesting to see how the market will react to these new newly merged industries. There are a lot of industries that broke records after transitioning into the NFT Space but not all are successful. Gucci’s latest NFT drop merging high fashion and NFTs only pulled in $25,000.
Another interesting aspect to consider is that this will be one of the first NFTs tied to a consumable or edible product. Back in March, Garrido restaurant minted the first edible NFTs. The drop was based on the Garrido’s iconic Extreme Milkshake called Strawberry Supreme. The milkshake NFT was auctioned off for 1 WETH.
Companies entering the NFT space seem to be in it for the long run. The wine bottle NFT project of Vinsent is a good example of how NFT as a technology can be infused to an already successful and established business.
Attracting more projects similar to Vinsent will stabilize the NFT market. An NFT market crash would likely be immaterial because NFTs will be used for their utility and not as speculative assets.
