Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has introduced plans to enter the non-fungible token (NFT) trade.
Following the completion of the plan, GCC will change into the primary wine distributor in Asia to supply a wine NFT. The transfer may also doubtlessly revolutionise the wine trade in Asia by way of blockchain and NFT applied sciences.
The corporate introduced that the wine NFTs can be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform.
Alex Lee, Founder and CEO of SOLARR, mentioned, “SOLARR’s NFT-as-a-Service (NFTaaS) takes the complication out of NFT-commerce. Our one-stop, end-to-end NFT providers provide a extremely environment friendly approach for GCC’s wine collections to be auctioned off, eliminating the necessity for patrons to attend bodily auctions.”
The NFTs will embrace a set of solely designed NFTs representing 360 bottles of Château Margaux nice wine spanning 30 vintages from 1978 to 2007 within the vineyard’s historical past.
In accordance with GCC, NFT holders can trade the NFTs for bodily bottles of wines and as soon as redeemed, the NFTs shall be destroyed to mark their redemption. In the meantime, the bodily wine bottles shall be safely saved till the wine NFT has been redeemed.
GCC additional added that these wine NFTs could be traded could be freely traded on SOLARR’s NFT-commerce platform and even given as items to household and mates.
Mic Wong, the NFT challenge consultant at Grand Cru Cellar, mentioned, “NFTs will assist to extend the liquidity and value discovery of high-end nice wines. The public sale marketplace for these nice wines has all the time existed, but when the bidding move is low, the wine’s worth shall be locked up attributable to a scarcity of bids.”
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