NFTs Pegged to Fine Wines Are Coming to OpenSea
Non-fungible tokens (NFTs) pegged to wine are coming to OpenSea, the leading marketplace for blockchain-based digital collectibles.
According to a recent announcement, OpenSea has formed a collaboration with WiV Technology, a blockchain-based unique asset technology designed for wine producers and merchants, to support ERC-721 NFTs that represent physical wine bottles. This is the first time that a physical asset has been brought to the OpenSea platform.
The WiV platform works by taking custody of the wine then allowing it to be freely traded among token holders with a mechanism to redeem the actual bottles at the end of the sale.
“When we created WiV, we wanted to open up fine wine sales to new markets, and this partnership is a prime example of that philosophy,” states WiV Technology CEO Tommy Nordam Jensen. “Crypto-collectibles are a world away from fine wine, but presenting WiV’s clients assets on OpenSea brings wine to a new generation of collectors who expect to be able to trade their assets quickly, efficiently and transparently and also opens up a new door for the wine industry.”
The launch will include wines like Chateau Lafite, Cheval Blanc and Chateau Margaux.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.