The value of cryptocurrency has plunged in recent weeks, and with it, much of the value locked within the lucrative, loony world of NFTs.
But that doesn’t mean the bubble has burst for good – after all, more companies are coming up with ways to use these tokens as they were meant to be. In other words, attached to tangible goods with tangible benefits, rather than multivariate monkey jpegs.
Meet Club dVIN, a newly-launched NFT wine club that’s big on the tangible. That is: exclusive tastings and events with an in-club of learned sommeliers and experts, as well as access to curated bottles of rare vino ahead of the market.
(Related: The Spanish wine renaissance is here)
Membership comes in two tiers: Genesis, costing 1.5 Ethereum (S$2,700) for local wine experiences and access to the utility of Club dVIN, and Global Insider for 3 Ethereum (S$5,400), which gets you invites to global wine events, on-site winery events and 24/7 concierge service.
Apart from headline events – like regular tastings and club dinners in London, New York, Hong Kong and Singapore – as well as a backstage pass to wine and crypto events around the world, membership with the club also comes with extra utility for wine traders.
Bottles purchased on the dVIN platform come with a Digital Cork NFT. Like alcohol NFT platform BlockBar, these digital corks serve as traceable proof of authenticity.
As transactions are traceable, investors can better track trends, scarcity and consumption statistics of particular bottles. Winemakers can also make use of the tokens to get a royalty back for each subsequent sale, as the tokens are only destroyed when their bottles are drunk.
There are a total of 5,000 memberships in all (4,500 for Genesis, and 500 for Global Insider); most of these will become available on June 26 during the club’s public launch. Like with other NFTs, membership is freely transferable: you can gift it to your friends, or sell it (it can appreciate in value if demand is high, or the value of Ethereum rises).
But will an NFT wine club take off? Only time will tell. At the very least, you’ll get to enjoy some good vino.