Here’s a brief message from our CEO:
Hello,
I’d like to take a moment to introduce you to WiV and explain how we have been enhancing the way that fine wine is traded with the help of blockchain technology.
Broadly speaking, there are two reasons to trade fine wine. The first reason is the obvious: a good bottle of wine is pleasure that brings people together.
The second reason is more complicated. A good bottle of wine can be a sound investment. The market for fine wine has been rising steadily for the last ten years and long-term returns have been better than several other sectors e.g. gold, oil, luxury watches to name a few.
This means that knowing the history of a bottle of fine wine becomes vital if you are going to protect its value as an investment. A wine’s value is contained in the expertise with which it was produced, its vintage, its history, its terroir and being able to prove that it has been well looked after. In short, a wine’s value is contained in its provenance.
Protecting a wine’s provenance is fundamental to ensuring that the global fine wine trade works, but in the past it has also led to a reliance on extensive paper-trails and complex administrative processes. And it is managing these that has made the trading process slow and expensive.
We’ve created a way to record the provenance of fine wine on a tamper-resistant global blockchain. What this means is that all of the information about a bottle or case of wine is stored securely online rather than on paper. This will remove many of the administrative tasks that can hold up and add costs to a trade, so using WiV means that fine wine trades can take place more quickly and more cheaply.
We have also developed an API that can integrate with existing systems, whether you are a chateaux, a negociant, a wine merchant or distributor, ensuring that you can offer a far broader selection of wines to a wider array of buyers than has been possible in the past.
For the last two years we’ve been working with several chateaux to tokenise entire vintages of their wine so you have access to a fascinating array of wines with full provenance.
WiV has already made a big impact in the wine industry making fine wine trading quicker, easier, cheaper and more secure, enhancing rather than disrupting current ways of working.
And last but not least we have been exploring the metaverse with The Wineverse using the sandbox technology allowing players to play and learn about the production of fine wine in the metaverse. Eventually The Wineverse will evolve and allow players to trade, partner and network among wine producers, collectors and wine connoisseurs.
The WiV platform is a secure, blockchain-based fine wine valuing system that brings together producers, buyers and sellers. Follow us on @WiVteam to keep up to date with the latest news.