‘Wine has long been the ultimate collectible, so I think the NFT space is a natural extension for the wine market,’ said Emmitt. ‘An NFT is the perfect way for collectors to retain a digital record of a favourite vintage of wine, a reminder of the experience long after the bottle has been consumed.’
The wines – Judge Palmer 2013 Cabernet Sauvignon, Ellis Alden Vineyard, Alexander Valley; Judge Palmer 2015 Cabernet Sauvignon, Beckstoffer To Kalon, Napa Valley; and Judge Palmer 2011 Cabernet Sauvignon, Beckstoffer Georges III, Napa Valley – are extremely rare. Less than two cases are left at the winery and Vint claims that no stock is available for purchase through alternative channels.
‘We are trying to push the wine industry with tech forward,’ said Vint’s head of wine Billy Galanko. ‘We are continually trying to push these new technologies to foster accessibility from one side and give extra visibility to producers on the other.’
Alongside the wines, which can only be shipped within the US, the NFTs include two tasting experiences. The experiences consist of a virtual tasting of the wine from the NFT collection led by Emmitt-Scorsone owners and winemakers, as well as a private, in-person tour of the winery and vineyard topped off by a tasting of select wines.
Buyers will also be provided with an invitation for two guests to attend a “harvest winemaker dinner” and first right of refusal to acquire the next vintage wine NFT offering from the producer.
‘Once they have drunk a bottle, a lot of people who like and collect wine peel off the label and stick it on a book almost like a scrapbook to show people,’ said Galanko. ‘But with our NFTs, investors first have this virtual cellar that they can show to people. Then, after the wine has gone, they can tell people about its aggregate value: ‘I went to this vineyard’ or ‘I got to meet the guy and he talked me through the wine’.’
Galanko believes that such added value is making NFTs increasingly popular among winemakers, who see them as an opportunity to tap into a new market. ‘The NFT is a vehicle. A lot of our investors are people that understand wine is a good investment, but also buyers that are just getting into wine and trying to diversify their portfolio but need an extra nudge,’ he said.
The NFTs will be auctioned on ethereum-based platform Rarible and sold in USDC, a digital stablecoin pegged to the United States dollar. Auction bids will kick off at 7am Pacific Standard Time (PST), or 3pm GMT, and begin at $600 USDC for the Alexander Valley wine, and $675 USDC for the Napa Valley labels.