Hong Kong-based Grand Cru Cellar to Provide First Redeemable Wine NFT in Asia

Hong Kong-based wine importer and distributor Grand Cru Cellar (GCC) has introduced plans to enter the non-fungible token (NFT) business.

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Following the completion of the plan, GCC will change into the primary wine distributor in Asia to supply a wine NFT. The transfer may also doubtlessly revolutionise the wine business in Asia via blockchain and NFT applied sciences.

The corporate introduced that the wine NFTs could be developed in a strategic partnership with SOLARR, Asia’s first decentralised NFT-Fi platform. 

Alex Lee, Founder and CEO of SOLARR, mentioned, “SOLARR’s NFT-as-a-Service (NFTaaS) takes the complication out of NFT-commerce. Our one-stop, end-to-end NFT companies supply a extremely environment friendly approach for GCC’s wine collections to be auctioned off, eliminating the necessity for consumers to attend bodily auctions.”

The NFTs will embody a set of solely designed NFTs representing 360 bottles of Château Margaux advantageous wine spanning 30 vintages from 1978 to 2007 within the vineyard’s historical past.

Based on GCC, NFT holders can trade the NFTs for bodily bottles of wines and as soon as redeemed, the NFTs might be destroyed to mark their redemption. In the meantime, the bodily wine bottles might be safely saved till the wine NFT has been redeemed.

GCC additional added that these wine NFTs will be traded will be freely traded on SOLARR’s NFT-commerce platform and even given as presents to household and pals.

Mic Wong, the NFT mission consultant at Grand Cru Cellar, mentioned, “NFTs will assist to extend the liquidity and worth discovery of high-end advantageous wines. The public sale marketplace for these advantageous wines has at all times existed, but when the bidding circulate is low, the wine’s worth might be locked up resulting from a scarcity of bids.” 

Picture supply: Shutterstock