The coronavirus-induced global recession dealt a heavy blow on the global wine industry. The Governmental measures aimed at nipping the virus in the bud limited social interactions, disrupting the wine supply chain at many levels.
The global wine industry’s gloomy outlook in the past two years has brought to the fore the need for innovative ideas for a more resilient industry even in the face of multiple possibilities.
While the wine industry has not always been receptive to new technological trends, WIV technology aims at taking the industry to a brand-new height leveraging blockchain technology.
What is blockchain technology?
For starters, blockchain is a decentralized, immutable, and accessible public ledger for tracking assets and recording transactions. Whether tangible or intangible, every form of an asset can be recorded, traded, and tracked on the blockchain. The blockchain presents growth opportunities from finance, manufacturing, and entertainment to the wine industry.
Are you curious about how can the wine industry benefit from it? Check out this article
Here is how WIV technology leverages the blockchain to drive innovation in the wine industry.
Let’s Rethink the wine trade
WIV technology is at the forefront of introducing the NFT into the global wine industry. Non-Fungible Tokens or NFTs are digital collectibles or assets stored on the blockchain. The WIV technology ecosystem allows vineyards to tokenize or transform bottles and fine wines into NFTs.
If you are an NFT holder, you’ll have proprietary rights that are registered and verifiable on the blockchain. Investors can invest and trade these NFTs across borders from the comfort of their homes. The introduction of NFT will increase the industry’s liquidity and open more distribution channels and more markets. Wine collectors can bank on the blockchain to ascertain the originality of their collections.
Digital enotourism: are we ready for the wineverse?
The surge in coronavirus infection has significantly limited in-person wine cellar tours forcing wineries to explore the virtual wine tasting option. At this point we are not unfamiliar with zoom tastings or Instagram lives to catch up with our favorite winemakers. But are we ready for the wineverse?
The WIV technology ecosystem is equipped to facilitate virtual wine tasting and bridge the gap between in-person and virtual tasting as much as possible. With the WIV ecosystem, wines are shipped to wine enthusiasts and consumers who turn to uncork and relieve the sweet sensation to experience the metaverse. Just close your eyes, and imagine you jumping from your couch directly into that vineyard you’ve been dreaming to visit, walking through their cellar door and even sitting in the tasting room. Exciting, right? Hold on tight, it is coming soon
Welcome to Wine geeks paradise
Whether you are a wine geek that enjoys gaming, a game freak that loves wine, or a 360 wine gaming freak: we have great news for you.
The WIV’s sandbox game will bring the wine production process to the tip of players by allowing them to explore the winemaking process from start to finish. They also learn how to manage a wine bar in-game amidst other things. The icing on the cake is the opportunity to earn an NFT, which can either be traded or redeemed for actual wine.
While the global wine industry owes its growth to adopting innovative technology trends over the years, WIV’s innovative approach brings some fresh air to this new post-covid era. How fascinating will this approach be in revitalizing the industry from the dark alleys of the coronavirus pandemic? Time will tell and we’ll wait with full excitement.
Written by Flor Gomes
It is a lot to keep up I know- but stay tuned to learn more about these fascinating technologies that will shape the future of the wine industry!
About WiV Technology
WiV Technology is a financial technology company that makes fine wine into a financial instrument. WiV have created a more transparent and efficient wine ecosystem by combining NFT and blockchain technology to create a decentralised finance protocol for investing and trading fine wine. It is the founder of WIVA Token and WIVX the decentralised reserve token.