French startups bring vintage wines to the NFT market
Many exciting developments are entering Irreplaceable tokensOr NFT, from Metaverse NFT to fantasy football digital collection card, to monster fighting NFT game.In fact, Cointelegraph Research predicts that NFT sales will A record high of $17.7 billion this year.
But a French startup is taking a more ambitious approach to wine NFT. In an exclusive interview with Cointelegraph, Samuel Baltharm and Yacin Kharroubi, CEO and Chief Product Officer of World Wide Wines, respectively, discussed the logistics of providing French wine on the blockchain. Baltharm is the descendant of the family that runs the Chateau du Rouet vineyard in Provence, which has been in existence since 1840.The project itself is built on Elrond Network.
At 300 people, we close the wine list (will reopen later under new conditions)
More details in our Discord: https://t.co/Oj6s9i8HGS
— World Wide Wine NFT ?? (@wwwineNFT) November 30, 2021
Cointelegraph: The price of a bottle of wine will vary, for example in France and China, due to differences in taxes and duties. So, what are the settings for this type of payment?
Samuel Bart Halle: For the system, for taxation, we created a token called GRAPES. When you buy an NFT, you pledge some tokens in exchange for a license to own the bottle.Then, when you want to get the bottle back [delivered], We use a system to know if your country has enough GRAPES.For example, if you are in China [where import taxes are high], You need more GRAPES tokens to pay taxes. If you are in France, you should need fewer tokens.
CT: Where are you in product development? Are you already selling these NFTs or are you just building prototypes?
Yasin Harrubi: In fact, we have been building this project for several months, but we officially announced it 10 days ago. So now, we have created all the designs. We will launch the first batch of 300 NFTs, and we have established some partnerships with NFT collections and wineries.
CT: How will you ensure the safety of the bottle because there is an off-chain risk?
SB and YK: For this reason, behind every NFT, there are three bottles of real wine, because it is safe and reliable. For these three bottles, we put them in three different vineyards, just like we want to work in a cloud system, but use bottles.
Protecting each NFT in a three-bottle setting is the first step in the process because we want to ensure that if one or two bottles are lost, we still own the third bottle, but the customer will only own one. We bought three bottles. But when you wait for a bottle, if there is no reaction to each other, they will go to the market. With NFT, you can enjoy discounts in this market.So you can go […] Buy a bottle at a discount in the market. The first part is that we want to create a “wine menu”. It’s like an invitation to a wine event or a discount at a bar or something similar.
The second step in safety is about insurance. When you pledge NFT, you have some grapes. 30% is charged; 30% is used for the owner, inventory, and storage of the wine; 30% is used for the vineyard. At the same time, the remaining 10% belongs to us.So if the vineyard loses a bottle, he won’t receive his grapes, so he has a [economic] Interested in taking care of the bottle. When you have enough GRAPES to cover the cost and shipping costs, you can pick up your bottle.
CT: On your website, it says that each NFT will represent a different type of wine. So, how will you determine the quality of the wine?
SB and YK: For this part, it is about data and data science. At the beginning, we wanted to display the vintage of the wine as an attribute, but the vintage was too subjective and it was difficult for customers to choose. Therefore, we decided to create a quality-based attribute. For this attribute, we will use historical data, but we will create a predictive model. Therefore, analyzing all data, which allows us to determine the quality-for example, the weather, rain and sunshine of the vineyard where the grapes are grown.
CT: Do you want to include any other statements or visions about what you are doing?
SB and YK: We hope to have three main goals: first, to digitize the wine ecosystem; second, to educate people on how to distinguish good wine; and finally, to gamify the wine ecosystem [via the Metaverse]. We have many ideas-for example, one NFT wine series, and then another. The final step is to reach the real wine market with real wineries.
The last part-I think this is very important-this is why the vineyard will be interested. The first part is about the second market. So, for example, when Domaine Chateau du Rouet sells wine, they control the first market. But if the wine bottle appreciates over time, the winery cannot control it. With NFT, you can put royalties on the second market, so Domaine Chateau du Rouet gets commissions from resales.