A new wave of NFT: Although the most excitement has been focused on digital art, wine enthusiasts interested in getting their hands on NFTs should have no problem.
Wine brands have dabbled in NFTs in recent months, and this week marks the introduction of the first NFT-only wine brand.
Understandably, you might be scratching your head and wondering, “What is an NFT?”.There is no need to feel alone.
This type of digital asset represents an actual and physical item, such as music, art, and videos. It’s non-fungible.
A non-fungible token cannot be purchased or traded for another of equal value, unlike bitcoin, which has the same value as every other bitcoin.
The transaction for purchasing an NFT is logged on the blockchain, ensuring a permanent record.
Records such as Grimes’ six-million-dollar image sale have gained much scrutiny.
Among the many highlights of the event include videos set to music, Tweet Twitter TWTR +0.3% co-founder Jack Dorsey’s bid for $2.9 million.
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A digital image by artist Beeple sold for $69 million at Christie’s.
As more producers enter the market, the wine world may flex into NFTs on a grander scale.
Yao Family Wines, owned by former NBA player Yao Ming, recently offered 200 bottles of its 2017 The Chop Cabernet Sauvignon along with a free NFT.
One hundred bottles are immediately sold upon release, and they can only be purchased with cryptocurrency Ethereum.
Markets for digital items such as wine and futures are available through OpenSea, a blockchain-based marketplace.
A New Wave of NFTs In The Wine Industry
An NFT offering the opportunity to own a barrel of 2020 Angelus and 3D artwork based on the label of the legendary Chateau Angelus was sold earlier this summer.
Hello Fam, a new NFT wine brand, will be launching this week, featuring a Syrah Blend from Jezreel Valley.
Entrepreneur Jacob Ner-David is a partner at Vinsent, a direct-to-consumer wine platform, and Nir Amir is a co-founder.
The Untamed Elephants community runs one of the largest collections of NFT art; Adam Ghahramani;
The designer Tiffany Wong has worked with several wine and spirits brands.
The inaugural release, called Genesis Vintage 2021, will only be available through NFT.
In the meantime, Hello Fam Grape Fam NFT will equal six bottles of Hello Fam Genesis Vintage 2021, stored in a temperature-controlled, insured warehouse.
Hello, Fam has created arrangements for framed and displayed works of art in partnership with artist Ha Yael.
We sold 250 cases on the first day of early bird minting, which started on August 31st.
There may be some luck involved in the launch, which added to the excitement.
In the process of minting, a very rare, golden Grape Fam could be obtained and is worth six figures, as co-founder Adam Ghahramani explained.
As a final preview, Ghahramani shared that the next release will be launched with one of the world’s best-known non-profit organizations, Untamed Elephants.
The company’s co-founder Jacob Ner-David joins us to discuss NFTs, Hello Fam, and the future of wine collecting.
If you’re not familiar with NFTs, what are they?
Ner-David: Besides being the next big thing in art and culture, crypto meets art.
Non-fungible tokens are unique blockchain assets that are not fungible.
Unlike Bitcoin, which is fungible and a currency like NFTs is all digital, each unique.
The newest trend in “non-conventional” art combines digital and physical assets.
We are creating HelloFam NFTs with unique illustrations of grapes for each one,
Jezreel Valley Winery has consistently received 90+ ratings for their wines, from Wine Spectator to Wine Advocate publications. This wine is a genuine case of exclusive wine produced for this NFT “minting.”
How do Wine Wizards Group Members make a distinction between buying widely allocated wine from wineries that have difficult-to-enter lists and buying Grape Fam?
Among the many highly liquid assets are NFTs because of the ease with which they can be traded. Those puns can’t be avoided. There are platforms such as Opensea.io which allow NFTs to change.
When you want Grape Fam wine, you redeem it by “burning” the NFT, as it is called in blockchain speak.
A Raven Coin blockchain is also used to verify authenticity for each bottle. Upon redeeming the Grape Fam NFT, you decrease the number of tradeable NFTs available.
What are your expectations for the future of NFTs in the wine industry?
JND: Of course. It has become more popular than ever to invest in wine through all kinds of avenues. The NFT can be appropriately supported when wine and NFT are combined.
In recent years, the price of digital art NFTs has skyrocketed. There will also be a “floor” for wine-backed NFTs since the market value of the wine is a crucial factor.
Despite the lack of authentic artwork, NFTs allow trading in wine on established platforms and democratize wine investing by merging it with stock trading, which is usually reserved for “professionals.”
Since the 1970s, wine has been a highly resilient alternative asset class, but investing has been restricted to a tiny group of investors.
With quality wine backing NFT, a much broader market can access wine investing.
This has already been accomplished in some small ways. With Hello Fam, NFT plans to release an enormous release accompanied by wine.
Hello Fam has become the first all-NFT brand in the world.
A joint venture between Untamed Elephants and Vinsent has launched the first-ever all-NFT wine brand globally, Hello Fam (hellofam.wine).
In addition to Genesis Vintage 2021, a Syrah Blend from Jezreel Valley winery in Israel, the winery will not distribute or sell the wine beyond its initial NFT launch.
Designers Ha Yael and Tiffany Wong designed the NFTs, who worked for Wine Spectator for over ten years and have experience with over 50 wine and spirits brands.
Several successful wine releases preceded the announcement,
Yao Family Wines, the former NBA player Yao Ming’s winery, will support NFTs with bottles of Cabernet Sauvignon named The Chop.
The barrel following that one is Chateau Angelus’ 2020 Angelus.
Whether producers and reno Phil seek new ways to protect themselves from volatility and supply chain disruption, the project arrives at a critical juncture.
Jacob Ner-David, the co-founder of Hello Fam and partner in Vinsent, a direct-to-consumer wine platform, described the company as a quality statement and a call-to-action.
We can’t continue selling wine like nothing has changed just because the world doesn’t change.”.
Wine-lovers are invited to join us with this launch in helping to ensure the future of one of the oldest, most beloved, and most enjoyable industries in the world.”
“Those looking for NFT ownership of real-world assets should take a close look at what we have to offer,” said Adam Ghahramani, co-founder of Hello Fam and owner of the Untamed Elephants community.
With the NFTs and fine wine, we have democratized access at prices all investors can afford.
What it Does
A case of Genesis Vintage 2021 is equal to one Grape Fam NFT.
Membership in the world’s first NFT winery is included with a Grape Fam NFT purchase.
Our upcoming Genesis Vintage 2021 wine release tokenized ownership of six 750ml bottles each,
A temperature-controlled, insured facility will maintain the samples for indefinite storage and never sell them outside the NFT.
Wine ownership changes through the purchase/sale/trade of Grape Farms. Moreover, all future wines produced will be credited to Genesis holders.
Wine is in the grapes, so crush them and grab them.
Investing in the Genesis Vintage 2021 is as simple as crushing (burning) the Grape Fam, paying the processing fee, and receiving the shipment.
The holders may rule it later, but other holders will cheer since they’ve just helped reduce the supply of Grape Farms on the market, thus making them harder to find.
With Seedlings, Stock Ownership Can Be Built-In
A Seedling NFT will allow investors to buy and trade a bottle of Genesis Vintage 2021 with each investment, promoting inclusivity and enabling fractional ownership.
You can redeem a case of wine by collecting and destroying 6 Seedling NFTs. Buying an entire Grape Fam is a better investment since seedling NFTs does not come with rarities attached.
You can find rare farms by following this link.
The investor doesn’t know which type of Grape Fam they’ll get since each has different, random attributes. It is essential to possess two characteristics:
Gold Grape Farms: 50 Grape Fans will become golden. Every new wine will be offered to investors who own one Hello family! Provides free products.
A gold-labeled, magnum-sized bottle of their wine will also be enclosed with their wines.
Signature Grape Fam: 5 varieties will be available as Signature Editions. The Grape Fam is considered the most valuable because investors can customize it with a unique characteristic that best suits their needs.
On the Genesis Vintage 2021 label, the artwork will be immortalized. One bottle of 12L Balthazar wine will be used for storage.
Details of the minting process
Day of the launch
At 10 AM ET (early access) or 2 PM ET (general admission), August 31, 2021
There is a maximum supply.
Eight thousand five hundred grape plants and nine thousand seedlings
A period of 14 days requires all unminted grape seedlings and vines to be burned.
Pricing a mining operation
It’s 0.01 ether (Grape Fam) and 0.02 ether (Seedling)
Our Community Cares
Each Grape Fam and Seedling Mint will donate 1% of its proceeds to a community-led food, farming, or environmental non-profit. Each Mint will contribute 2% towards elephant conservation.
New wave of NFTs FAQs:
When an acceptable wine ages, what does that mean?
A glass of wine is aged or cellar when you purchase and keep it for an extended period.
Store the wine for several years in a cool, dark place to improve throughout time.
There are only some wines made foraging globally, and they are only 1% of the total.
How can you tell if a wine is fine?
“Fine wine” refers to wines originating from a specific, identifiable place known for their quality.
In addition to color, bouquet, and flavor, a glass of fine wine should be balanced, smooth, and seamless.
Fine wine should reward the mind as well as the senses.
Do fine wines differ from regular wines?
Fine wine is a subjective term rather than an objective one.
There are many different opinions about what is considered fine wine.
Fine wines, however, are generally appreciated for their excellence.
Wines deemed acceptable are typically more expensive than table wine or mass-market wines.
How would you describe aging like a fine wine?
When this expression is used about someone “aging like a fine wine,” it is meant as a compliment,
People say that, like wine, they get better with age, unlike most things that deteriorate as they get older.
What are your methods for promoting NFT?
Start stalking the #NFT feed on Twitter when you set up your Twitter account to promote your NFT project globally.
Don’t be afraid to follow those who seem knowledgeable. You are welcome to browse the artworks, “like” what draws your attention, provide a comment, and repost to earn bonus points.