Tag: wine

Hong Kong-based Grand Cru Cellar to Offer First Redeemable Wine NFT in Asia

Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has announced plans to enter the non-fungible token (NFT) industry.

Following the completion of the plan, GCC will become the first wine distributor in Asia to offer a wine NFT. The move will also potentially revolutionise the wine industry in Asia through blockchain and NFT technologies.

The company announced that the wine NFTs would be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform. 

Alex Lee, Founder and CEO of SOLARR, said, “SOLARR’s NFT-as-a-Service (NFTaaS) takes the complication out of NFT-commerce. Our one-stop, end-to-end NFT services offer a highly efficient way for GCC’s wine collections to be auctioned off, eliminating the need for buyers to attend physical auctions.”

The NFTs will include a collection of exclusively designed NFTs representing 360 bottles of Château Margaux fine wine spanning 30 vintages from 1978 to 2007 in the winery’s history.

According to GCC, NFT holders can exchange the NFTs for physical bottles of wines and once redeemed, the NFTs will be destroyed to mark their redemption. Meanwhile, the physical wine bottles will be safely stored until the wine NFT has been redeemed.

GCC further added that these wine NFTs can be traded can be freely traded on SOLARR’s NFT-commerce platform or even given as gifts to family and friends.

Mic Wong, the NFT project representative at Grand Cru Cellar, said, “NFTs will help to increase the liquidity and price discovery of high-end fine wines. The auction market for these fine wines has always existed, but if the bidding flow is low, the wine’s value will be locked up due to a lack of bids.” 

Cardano Blockchain to Stimulate Authenticity and Quality of Georgian Wine

To boost Georgia’s global reputation as a leading wine producer, the Cardano Foundation has partnered with the nation’s wine agency to create a public and flexible trace solution powered by the Cardano blockchain.

In a statement, the Cardano Foundation disclosed that the partnership with the Bolnisi Winemakers Association and Scantrust and Georgia’s National Wine Agency would enhance the quality and authenticity of the nation’s wine.

Mel McCann, Cardano Foundation’s vice president of engineering, noted:

“This collaboration will develop a creative, cost-effective, and flexible certification and traceability system, which will provide transparency and authenticity for wineries and customers from the point of harvest to the point of consumption.”

The Cardano Foundation will spearhead the collaboration with individual wineries to get a scalable, shared, and cost-effective platform.

Per the report:

“A pilot program will be expanded in the Bolnisi region, serving both local and export markets. It will include up to 100,000 bottles of wine harvested during the Autumn 2022 period and subsequently bottled during Spring 2023.”

The bottles will comprise a secure and unique QR code that will enable consumers to track the history and authenticity of products. 

With trust and integrity being integral parts of consumer goods, the blockchain-powered traceable solution is deemed a stepping stone toward producing more bottles of wine.

Guram Avkopashvili, the founder of Bolnisi Winemakers Association, stated:

“Our goal is to produce and export 12 million bottles of wine in Bolnisi in 10 years. Currently, we produce a total of 200,000 bottles of wine, which we sell to the Georgian, European, US, Australian, and Chinese markets.”

The blockchain solution will also come in handy in fighting counterfeits at a lower cost.

“People around the world deserve to experience Georgian wine as it is intended, a celebratory and exceptional drink that we have cultivated for over 8,000 years, according to Levan Mekhuzia, the chairman of the Georgian National Wine Agency.

Meanwhile, Cardano founder Charles Hoskinson acknowledged that blockchain technology could revolutionize government structures from the whelms of archaic processes to modern ones, Blockchain.News reported. 

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