NFT: the world of wine for nerds

Sent 3 dec. 2021 at 06.00Updated 7 Dec. 2021 at 11:37

What’s new in champagne? Tokenized bubbles! In perpetually creative flare-up, Dom Pérignon launched in October, only on the French market, limited edition boxes of its 2010 vintage and its 2006 rosé “designed” in collaboration with megastar Lady Gaga. The 100 bottles – a few drops in the sea of ​​bubbles produced by Dom Pérignon – and their 3D NFT versions were offered for sale as a preview in a 100% virtual space. Hungry for “creates rarity within rarity” and in the hunt for new fans, the Champagne brand has thus become the very first in its sector to take the plunge.

Digitized creativity in an NFT pop-up, does it pop or flop? It pops into the minds of digital natives under 40, the target audience. The boxes are sold in ether cryptocurrency at the rate a champagne cork jumps while spilling a lot of ink. The traditional, not to mention the old tokens, who do not understand a drop of newspeak and the technology concepts will have to adapt.

NFT? The acronym stands for a non-fungible token, a non-fungible token. Unlike an exchangeable asset (for example, a 1 euro coin equals another 1 euro coin, they have the same value and are interchangeable, the same for bitcoin), NFT is both a unique, non-negotiable digital active and a tamper-proof digital title, coded, registered and guaranteed by a blockchain. NFT as a certificate applies to virtual products (a digital creation), real products (like a garment) and physical / digital twins (Dom Pérignon bottle and its 3D version, CQFD).

Nearly $ 70 million for an NFT job

Artists were the first to understand the interest in the unique and non-reproducible NFT for their digital works. Looking back. In the spring of 2021, the work is done Weekdays: The first 5,000 days sold for $ 69.3 million at Christie’s. Beeple, its author unknown to the battalion until then, is in a few pieces driven to rank as the third most expensive living artist in the world behind Jeff Koons and David Hockney. Even better: his NFT is coded in such a way that each future transaction will give him a royalty of 10% of the sale. Enough to create calls …

Rarity, exclusivity, desirability, traceability: NFTs are, of course, of interest to luxury. Gucci, Dolce & Gabbana, Karl Lagerfeld, Givenchy … are already exploring their potential with works in limited series, often created with artists, while LVMH, Prada and Cartier have launched the first international luxury blockchain, the Aura Blockchain Consortium. A common tool for developing NFT solutions, combating counterfeiting, renewing storytelling, tracing the history of a product, from raw material to finished product.

All this can be transferred to a world of great champagnes, wines and spirits, coveted and collectibles. Glenfiddich has put a rare single malt from 1973 up for sale for $ 18,000 and other limited-edition NFTs on BlockBar – the buyer of one of the fifteen bottles sells the one already there for $ 199,000 – and a Colombian Dictador rum from 45 years old , in a Lalique carafe, is offered for $ 25,000. However, there is still a long way to go from the incision to the lips.

Virtually to a very down to earth universe

“We are only in the beginning, the sector’s first entry into NFTs goes back a few months, almost a year. The virtual, dematerialisation is still difficult to explain in a universe that is basically very down to earth.”says Guillaume Jourdan, brand strategy consultant at Vitabella Luxury with big names in wine. “And yet NFTs are perfectly qualified for itnotes Arnaud Daphy, partner at the agency Sowine, which specializes in marketing wine and spirits. Because all the criteria are met: ‘collectibility’, fan communities, speculative character, need for authenticity and traceability. » So who are the daring ones who have already succumbed to the NFT sirens? Large groups, prestigious brands, celebrities and even “small” winegrowers.

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Photo from the “Champagne” series by Nick Rees (left). Exclusive sculpture depicted by Lady Gaga for Dom Pérignon jeroboam to be discovered in a 100% virtual pop-up shop.Nick Rees / Gallery Lager; DR

Dom Pérignon is a pioneer in the field of champagne. In the field of still wines, the California property Yao Family Wines, owned by an NBA star, was the first to offer in the NFT, in April last year, its 2016 Cabernet Sauvignon Chop, associated with a digital work. Pioneer among Bordeaux Premier Grands Crus Classés, Château Angélus. In collaboration with CultWines, the world leader in fine wine investing, the famous Saint-Émilion property auctioned an NFT this summer including a barrel of Angélus 2020 primeur, a 3D artwork representing the house’s symbolic bells and VIP experiences at the castle. This equates to the equivalent of $ 110,000 in USDC cryptocurrency on OpenSea, the main NFT marketplace. way for both parties “creatively involving a new generation familiar with technology, digital and cryptocurrencies”.

Penfolds, the flagship of Australian giant Treasury Wine Estates, has just launched its NFT on BlockBar, the first direct-selling luxury wine and spirits platform. It gives ownership of a barrel of Magill Cellar 3 vintage 2021 for the equivalent of $ 130,000, will be convertible to 300 tokens for as many bottles available in October 2022 and includes exclusive experiences. A collector because this wine will not be available for public sale. Also in Australia, Dave Powell is the first grocer in the world to sell an entire vintage in NFT: 100 barrels of 2021 from his new Neldner Road brand.

Hi Fam, 100% NFT wine label

Fan effect plus collector effect, Sarah Jessica Parker, the star of “Sex and the City”, ticks all the boxes with the NFTs from Invivo X, her New Zealand wine. The vineyard that produces it “to study the possibility of opening a virtual wine shop, where the purchase of a bottle of a digital avatar will result in the delivery of a physical bottle at home, anywhere in the world. NFT holders can have exclusive access when the shop opens in the meta version. » Metaverset is a set of interconnected virtual spaces where users share immersive 3D experiences. Finally, the first entirely NFT wine brand, Hello Fam, created by two online wine and NFT entrepreneurs, launches its first cuvée, Genesis 2021, a blend of Israeli Syrahs.

Among the “little ones” we are also interested, with more audacity than financial means. Flavien Darius Pommier, 26, owner of Château Darius, a modest seven-hectare Saint-Émilion grand cru, inaugurated the trend in France in April, he says. “modernize the business and seduce my generation”. This fan of art and technology, educated in London, friend of Farokh Sarmad, who advises luxury brands, seems like a marketing ace.

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Photo from the “Champagne” series by Nick Rees (left). Bells of Château Angélus in 3D, part of an NFT package that also includes a barrel of Angélus 2020 a premiere and VIP experiences.Nick Rees / Gallery Lager; DR

He has already sneaked to the Elysée Palace and produced a personal cuvée for the mogul Mohamed Hadid, whose daughter Gigi, a supermodel, willingly poses with the bottle … As for the Englishman Mike Barrow, founder of Mendoza (Argentina) from Costaflores, he sells his wine through its own cryptoactive. At each harvest, he estimates how many bottles he wants, issues as many NFTs, the price of which is determined by demand. After three years of storage, the wine is ready and the holders of NFT can then get the bottles or keep their tokens, which also allows them to become shareholders in the winery. This is part of the NFTs’ “smart contracts”.

More revenue

Guillaume Jourdan looks further. For him, the benefits for producers and oenophiles are numerous: “In Bordeaux, the owners sell a primer to grocers and do not know the end customer. With NFT, they will be able to track each bottle, know who bought it, where it is stored and under what conditions. The customer who buys a box a primeur pays for it immediately, but is not delivered until two years later. From now on, he will be able to resell his NFT illico. Even before the ‘deliverable’, there may therefore be a chain of buyers who add extra value to each transaction.he explains.

“And nothing prevents the smart contract from including a fee to the owner for each operation. It’s more revenue. In Burgundy, where the sale of Hospices de Beaune has just broken a new record, it is conceivable that the buyer of a 220-liter coin will issue 300 tokens the next day.continues the expert. In Champagne, the large cuvées mature for eight or ten years in the cellar before landing on the market. They could be sold in NFT as soon as the assembly is completed, thus immediately valuing the stock. Tomorrow, revenue can be freed from the physical and the temporal! This is the ultra-positive side of NFTs, in addition to the cool message sent to younger generations. »

Clearly, the winners of this new virtual economy will be the strongest and most coveted brands that have the means and talents to afford the necessary technology. Precisely those that their customers’ avatars will show in the meta-verse, the last step of dematerialization. For it will always be about social status that real and virtual are two sides of the same coin.

The best of all worlds, then? Is there not a risk of total decorrelation between NFT and the real product? “No, we lean on very tangible productsthinks Arnaud Daphy. There are not a few coded pixels as for digital works. In the end, it is always about delivering the physical bottle to the customer. » “The virtual economy will add additional value to the real economyadds Guillaume Jourdan. One can imagine brand extensions ad infinitum. »

How and where to buy?

You need to open an account in a generalist or specialized marketplace, then create a “crypto wallet” on MetaMask and fill it with cryptocurrencies (bitcoin and ethereum are the strongest, the first is worth around $ 58,000, the second more at $ 4,000 ).

Please note: blockchain wallets are secured with a 12-word phrase. Forgot, no way to access wallet and all NFTs are lost. Among platforms specializing in NFT wine sales: WiV, already active, which will launch the WiV Legacy Collection in 2022 (456 wines from more than twenty regions and ten countries) and BlockBar for NFT spirits and luxury wines.

https://opensea.io/assets/wiv and https://wiv.io

https://blockbar.com

Winedex, to secure your purchases

In the fine wine sector, authentication and traceability are crucial. iDealwine, the leading player in wine auctions in France and world leader in online wine auctions, innovates with this app, which is unique to date and based on smart contracts and tokens secured by blockchain. Each assessed bottle (more than 90 control points) is sold equipped with a tamper-proof RFID tag, which guarantees its identification and makes it possible to link it to the tamper-proof digital information contained in the Winedex blockchain. At the Apple Store, Google Play and https: // www .winedex.io

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