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Why NFTs and the Metaverse are the Future of Fine Wine

Welcome to 2022. You’ve just been teleported to December 2022, and the label of the 2020 vintage of a prestigious Bordeaux Grand Cru has just been released. The buzz has hit the stratosphere. Because it’s beautiful? Not only. Because Brad Pitt is the artist? No, that’s not it. It’s simply because the 100 NFTs linked to the first hundred bottles have been purchased for 65,000€ apiece, or 100 times more than the bottle itself. Successful buyers receive the NFT, or nonfungible token, which is a virtual certificate of ownership that runs on blockchain technology.

With this proof of authenticity, owners can showcase the digitalised bottle or the artwork on VRChat, where tens of thousands of users interact daily through avatars. Additional revenues were colossal for this initial sale compared to last year: the owner of the château has announced that the six and a half million euros that have been generated by this sale will be donated to different charities chosen by the huge community that follows this brand on social media all around the world. The story could end here but it doesn’t. Why? Because additional income is expected in the coming years. Indeed the encrypted NFT means that each future transaction will earn a château royalties of 10% on each sale making additional revenues to the initial sale…

But to come back down to earth (‘revenons à nos moutons’, as we say in French), or rather to return to the present day in December 2021, what is Blockchain? NFTs? The Metaverse? These words mean nothing in the world of wine, as yet. The Blockchain is a common, connected tool for developing NFT solutions, combatting counterfeiting and offering traceability of a product from the raw material to the finished product. NFTs are digital assets that represent real-world objects.

Link to Article: https://janeanson.com/why-nfts-and-the-metaverse-are-the-future-of-fine-wine

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