Wine buyers need a crypto wallet to use the new platform.

Wine buyers need a crypto wallet to use the new platform.
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Champagne houses support NFT marketplace for wine

Louis Roederer is among three houses that will sell on Winechain platform.

Cryptocurrencies like Bitcoin have crashed in recent months, but the technology behind them has a future, for example in the form of so-called NFTs (non-fungible tokens: digital identifiers recorded in a blockchain). When it comes to acquiring and owning valuable objects – such as art – these NFTs can have many uses.

A NFT platform specialising in the purchase of high-quality wines is now getting prominent support: Winechain, which was founded by a former Amazon manager amongst others, is supported by three big Champagne houses, according to media reports, namely Louis Roederer, Fleur de Miraval and Henri Giraud who have agreed to sell so-called ‘wiNeFTs’ via the platform. Large French wineries are also involved, as are German houses like Egon Müller

Buyers who want to use the platform first need a crypto wallet, which they have to connect, allowing them to purchase wines via their assets in this wallet. The transaction is then stored and secured via a digital confirmation in the blockchain; the wine itself is then delivered or can also be stored or resold. Through NFTs, the buyer has the certainty of being the owner of the purchased wine at all times.

Robert Prazak
Robert Prazak
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