Why is the wine industry adopting NFTs? (and you should too)

Ever since the inception of NFT, the public has been waiting what the next move will be apart from its use in promoting artists from all around the world. It wasn’t until 2019 when founders Tommy Nordam Jensen and Hakon Harberg had the brilliant idea of using the blockchain and nft technologies to help the wine industry. Almost four years after (yes in January 2023 WiV will celebrate its fourth anniversary) its conception WiV has already become a well established blockchain company looking to influence and help the wine ecosystem.

Unfortunately, wine producers know too little about the benefits of using NFTs and that is why today we want to list some of them:

  • Clients from around the world: NFTs can be bought anywhere and at any time as long as you have an internet connection. That can be done without the need for assistance from intermediaries or bank transfer permissions. This means that wine producers can significantly expand their customers’ geographic reach.
  • Loyalty pass (token):  Wine NFTs can be enhanced by exclusive experiences such as unique wine releases, wine tasting events. Attractive deals like these will tempt NFT collectors and wine-lovers to obtain a token.
  • Wider media outreach — as NFTs are becoming more popular , any winery releasing its NFT is bound to hit the headlines. Thus, brands reach out not only to their established customers but also extend their appeal to younger, tech-savvy audiences.
  • Fraud prevention — As NFTs carry the immutable metadata of the items they represent, they are a great weapon in the fight against counterfeit and forgery. This is especially important if you take into consideration that just in the EU €2.8 billion is lost annually due to fraudulent wines and spirits.
  • Investments — NFTs can be used as a brand’s shares, allowing people to become part-owners of the winery, helping your winery to raise funds to upgrade your machinery or simply come up with new wines in the near future.
  • New revenue streams — NFTs often come with royalties which are collected and sent to the creator each time the token is resold. Therefore, wine brands can receive additional income thanks to NFTs.

Are you still in doubt about NFTs? If yes, why not get in touch with us so we can explain to you in more detail what we have to offer for you as a wine producer.