Of all alcoholic beverages produced by humans over the past 9000 years, wine holds a special place in our hearts. Today, wine is still an incredibly relevant drink all around the world, which has led to innovation in production, storing, and distribution: Wine NFTs are just the latest addition to the list.
Be it as part of a religious or social ritual, or just as a means to relax at home, wine is one of humanity’s favorite drinks. According to the “State of the Wine Industry Report 2022” report, over 800 million gallons of wine were produced in 2021.
While wine is not the most popular alcoholic drink among Millennials and centennials, the wine industry has been making efforts to change this. Over the past few years, new models have emerged to tackle the perception of wine as a luxury product. Subscription to wine clubs, aligning wine with health, creating new products, and removing barriers to entry are some of the strategies adopted by wine producers.
The COVID19 pandemic represented an opportunity for producers to reach new consumers via online sales. It is believed by many that factors like comfort levels, accessibility to retail channels, and Underlying social needs were the major factors in this trend. However, online sales brought new challenges, with one of the biggest being wine fraud.
While it is estimated that wine fraud represents more than $3 billion in losses, the biggest risk is health-related. Depending on the method of adulteration, a counterfeit wine could cause grave consequences for the consumer. This has prompted authorities and producers to tackle the issue.
One of the latest innovations in the industry is the use of NFTs for authentication purposes. By harvesting the transparency and immutability of blockchain, consumers are now able to verify the authenticity of their wine.
While using NFTs to verify the authenticity of goods has been done in other industries, other use cases have emerged in the wine industry. These range from wine NFT collections like BitWine to loyalty programs that are changing how brands and wine enthusiasts engage.
Charlotte Selles, General Manager at The Robert Mondavi Winery; Codie Sanchez, Private Equity Investor and Founder of Contrarian Thinking; Bill Gamelli, Founder and CEO of Mocktail Beverages; and Swan Sit, Independent Board Director at Far Niente Winery, NovaBay and Edgewell, joined us at Grit Daily House to talk all things related to NFT and Wine. If you want to know how blockchain and NFTs can help shape the future of the wine industry, you can’t miss this panel.