Does wine age better on the blockchain?

In an effort to redefine the world of fine wine investing, a new Web3 marketplace aims to define the next era of market access.

GrtWines, co-founded by former CLSA Chairman Jonathan Sloan and renowned wine critic James Suckling, is a digital platform that enables wine and fine wine collectors and investors to access the market through digital asset tokens.

Each digital certificate issued is tied to a genuine, investment-grade bottle of wine sourced directly from great wineries. They are sourced directly from reputable wineries and stored well until ready for redemption and delivery.

According to data from Statista, the wine industry will be a multi-billion dollar market in the United States alone by 2024 with revenues from supermarkets, convenience stores, bars and restaurants.

Victor Yin, CTO and co-founder of GrtWines called the creation of the platform a “major milestone” in the maturation of the digital asset industry and blockchain technology and a new way to “democratize” the wine industry. he said:

“Using smart contracts, we double the proof of ownership and authentication, effectively improving the overall transparency and security of the sustainable counterfeit market.”

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The platform is launching with its first collection, “The Jefferson Collection,” dedicated to the legendary wine enthusiast Thomas Jefferson.

Jonathan Sloan, CEO and co-founder of GrtWines, said that as a wine enthusiast, he feels passionate about the platform to preserve wine's rich heritage while building a “transparent and connected community” driven by consumers. he said:

“Traditional alternative assets such as fine-aged wines, fine art and luxury watches have become increasingly popular among younger buyers, serving as portfolio diversification and an elevated lifestyle.”

Luxury goods have generally received a lot of attention as assets that have been certified on the blockchain over the past few years.

Examples can be seen in Ariani, a luxury brand blockchain platform recently launched by Polygon CDK-powered Layer-2 to issue and manage digital product passports for various luxury brands and companies.

Additionally, in the fashion industry, fine artists, luxury brands, and watchmakers have been using on-chain assets such as non-fungible tokens (NFTs) to verify ownership, track product history, and foster community.

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