Does wine age better on the blockchain?

A new Web3 marketplace is working to revolutionize the fine wine investment industry by making it easier for people to buy and sell, marking the beginning of a new accessible era.

Founded by ex-Chairman of CLSA Jonathan Slone and renowned wine critic James Suckling, GrtWines is a modern digital marketplace. It grants collectors and investors of premium vintages and wines entry to the market through the innovative method of tokenizing their assets.

For every digital certificate that gets issued, there’s a genuine, top-quality bottle of wine waiting – sourced straight from distinguished vineyards. These bottles are carefully kept in ideal storage conditions till it’s time for their certification to be redeemed and shipped.

Based on Statista’s figures, the US wine market is projected to rake in approximately $60 billion in total sales by 2024, encompassing revenue from supermarkets, convenience stores, bars, and restaurants.

Victor Yin, GrtWines’ CTO and co-founder, referred to the launch of their platform as a “notable achievement” in the development of the digital asset sector and blockchain technology, marking a fresh approach to “make the wine industry more accessible” to everyone.

“With the use of smart contracts, we double down on proof of ownership and provenance, effectively enhancing the overall transparency and security in the persistent counterfeit market.”

The platform debuts together with its inaugural line, named “The Jefferson Collection,” paying homage to the renowned wine connoisseur from history, Thomas Jefferson.

As an accomplished wine enthusiast and the CEO and co-founder of GrtWines, Jonathan Slone expressed his deep affection for the company’s role in safeguarding the storied history of wines. Simultaneously, he is dedicated to cultivating a vibrant and open community among consumers that fosters transparency.

“Traditional alternative assets such as well-aged wines, fine art and luxury watches have gained significant traction among younger buyers, serving as both portfolio diversification and elevated lifestyle.”

In recent years, there’s been a growing trend of high-end goods being represented as digital assets on the blockchain.

Luxury brand blockchain platform Arianee has introduced a new layer-2 on Polygon, powered by CDK, for issuing and managing digital product passports for numerous high-end brands and businesses.

In the world of fashion, artists, high-end brands, and watchmakers are now making use of digital assets such as non-fungible tokens (NFTs) on blockchain technology. These NFTs help establish proof of ownership, record the product history, and build a following.

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2024-04-10 17:33