Crypto

You do not see interest in NFT for wines? We tell you everything!

AGAINST

digital property certificates, NFTs (for non-fungible tokens) are making headlines with unprecedented sale prices for computer files taking advantage of blockchain transaction storage technology. If the most extravagant auctions are concentrated in contemporary art, then the wine sector is no exception. This is evidenced by a group of investors who have joined the Winechain platform, which will launch its first wiNeFT at the end of 2022 and welcome Bordeaux-based merchant Videlot (Mouet family) and sea carrier CMA CGM (Saade family) as minority shareholders. . Both believe in the future potential of NFTs for wines, rhyming with traceability and authenticity. Ambition that denotes the current state of NFT development. “What we see today is more like a gadget,” sums up Martin Kubertafond, a consultant specializing in distribution.

To a business strategist lecturer at Sciences-Po Paris: “In terms of quality tracking for consumers, what I see adds nothing more than a QR code or an engraving on a bottle. While noting that NFTs bring primarily marketing leverage and speculation for the first wines to benefit from this technology, Martin Cubertafond notes, however, the potential for the future of this instrument, with the possible elimination of distribution intermediaries (allowing distribution margins to be redistributed for fine wines). wines), collecting information for the producer about its end customer (especially for wines that often change hands), building relationships with the end consumer (direct marketing).

Life cycle

While acknowledging that “there is a whole opportunistic ecosystem around NFT that will use the system to promote new speculation,” Valerie Lux, CEO of the French start-up Woken Wine, which is in the process of launching, explains that in his case, “we are going to use technology for more traceability.” (by combating fraud, which is widespread, in particular in China. Aiming to become a “platform for vine growers”, the site should “make it possible to trace the life cycle of each bottle thanks to the NFT number attached. The QR code only guarantees the absence of fraud, with NFT there is registration on the platform and monitoring of transfers,” Valerie Lux points out, aggregating 12 properties to date (Burgundy, Bordeaux, Champagne and the Rhone Valley), and a dozen more are under discussion: “This is a topic of the future. NFT will develop along with large brands: Nike, LVMH…” and will become commonplace in consumption, according to the CEO Director of Woken Wine.


Figital

For now, NFTs remain famous for where they were discovered: contemporary art. “We are not in the art world with pixels. For us, NFT is a certificate of digital ownership of a physical product,” asks Laurent David, president of Wine Tech, an association of wine start-ups. For him, “it’s a way to connect the physical with the digital, the famous phygital. It’s a job for many companies in turmoil: it’s teeming! Not all startups will make it to the end, and there is definitely a bubble, but that’s okay. In technology, we are used to this, we must not be afraid to try. »

Royalty

The current entrepreneurial buzz around NFTs is reminiscent of Lionel Cuenca, co-founder of auction site iDealwine, of the 2000s internet bubble that explores this topic. Having made the first sale of 10 limited art and NFT-related magnums (with Château Edmus de Saint-Émilion owned by Laurent David), Lionel Cuenca believes the technology “adds an element of certification.” A title deed is an NFT: a unique asset stored on the blockchain, a tamper-proof certificate that you can add but not remove. In the long run, NFTs should be more suited to wines. With the fight against fraud and the collection of information about customers, as well as obtaining future value: “every NFT is subject to a “smart contract” that allows value added to be shared with the manufacturer during resale. This is an opportunity to share value with royalty. »

According to Laurent David, NFTs can also enable wines to reach new audiences (a young audience connected to the metaverse), create new experience support (save notes and tasting moments), and open up a new distribution channel (websites). specializes in NFTs). There are not enough arguments to believe in this, it remains only to see in the coming months.

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