Wine and NFTs may seem like a weird coupling, but the combo makes excellent sense. NFTs may help prevent bogus items, enhance a brand’s reach, and earn extra money from a new internet-based market.
Wokenwine is one such ‘Wine + NFT’ firm that seeks to aid these vintners. On April 25, the business revealed its ambitions to develop an online platform in June 2022 that would allow wineries to deploy NFTs to monitor their wines and assist in eradicating counterfeiting activities. Wokenwine will also enable wineries to reach a new market of collectors and investors via an online, peer-to-peer sales strategy.
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How may NFTs Aid the Wine Industry?
One of the most significant difficulties confronting the wine business is tampering and forging – effectively distorting the wine to get more money off a bottle than it’s worth. According to a survey from the European Union Intellectual Property Office, fraudulent wine and spirits cost the global beverages sector around $3.18 billion each year – and experts believe that a startling 20 percent of all wines sold are fake.
However, being careful and understanding how to recognize a fake bottle will only get customers so far. That’s why NFTs are such a potential addition to the business. NFTs enable real-time monitoring of the wine bottles and aid in giving authenticity and authentication on the blockchain.
NFTs affixed to a wine bottle, according to Wokenwine, have the potential to boost winemakers’ earnings. If they want to sell their wines and NFTs, they may do so via online auctions and sell them directly to collectors and customers. Artists and musicians alike may profit from this NFT-based p2p (peer-to-peer) sales model for wines since it maximizes the rewards for the creator rather than the intermediaries.
Referring to the current status of the wine industry Valéry Lux, CEO of Wokenwine, said, “With Wokenwine, we are handing back some authority to wine estates,” further he added that Winemakers may find it challenging to compete in today’s market. They put in a lot of effort to make their wine but aren’t paid for it. Indeed, they deserve recognition for their exceptional abilities.”
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