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#706

BANK OF WINE

28 Nov 2022 By

Korean Startup Blinker’s Bank of Wine is the World’s First Wine NFT Bank, a Platform That’s Gunning For Greater Authenticity and Stability in Wine Investment.

If you’ve ever been curious about the world of wine investment and/or this new-fangled NFT thing, then Bank of Wine might be just what you’ve been looking for. The Korea-based company is the world’s first wine NFT bank, which allows members to safely and legally invest and store wines from around the world. Why’s this a good thing? Well, wine fraud is a bigger problem than many people might think; wine criminals aren’t just interested in the Rothchild magnums fetching stratospheric prices at Sotheby’s. On one hand, you have Rudy Kurniawan, the world’s most notorious wine criminal, who defrauded billionaire wine investor William Koch of millions. And on the other hand, thousands of bottles of fake Penfold’s were seized during a raid in China earlier this year. 

 

Since NFTs (non-fungible tokens) are unique cryptographic tokens that are inherently not replicable, ostensibly this means greater assurance of authenticity and a much lower possibility of fraud. Think of it as a secure virtual bank vault that holds your very real, and very drinkable fine wines. 

 

So how does this work? Members can go on the Marketplace to view, purchase or trade NFTs. ‘Recently Minted” NFTs are the ones that have just been purchased, so you could kind of see what wines are popular with other members. ‘Available’ NFTs, it goes without saying, are up for grabs. 

 

 

To view a comprehensive list of the different types of NFTs issued by Bank of Wine, step into the B.O.W Vault. Besides the classics Château Latour and Château Margaux, there’s also premier champagnes like Louis Roederer Cristal and Piper-Heidsieck Rare, and even ‘cult domaine’ Napa Valley’s Screaming Eagle. CEO Richard Park Sang-wook says ​​Bank of Wine carefully selects “certified wine with the highest investment potential”, and issues only 1 NFT that corresponds directly to each bottle, so investors are assured of the healthiest returns possible. 

 

 

Membership Benefits  

Members are entitled to not just safe storage for their precious bottles, but also profit realisation. Park (below) is confident in the Bank’s ability to look after his clients’ wine assets, which he says “has a proven higher return than gold”, citing the Liv-ex Fine Wine 1000 Index, which represents the price movement of 1000 of the world’s most sought-after fine wines. OG and SPCL members have a host of luxury in-real-life events such as membership parties and private tastings to look forward to. SPCL tier members, identified by limited edition NFTs sold on Bank of Wine’s special minting, will also receive an exclusive welcome gift.

 

 

Have a special occasion coming up and you want to actually drink the wine in the vault? Members can redeem the wine at offline branches and affiliate network shops. The NFT is then “burned” but an M-NFT will be created to allow you to commemorate the special bottle(s) that you’ve enjoyed with friends and loved ones.

 

Even better, members can realistically affect change and improvements to the service with Bank of Wine’s Voice of Customer program. Dedicated VoC channels will be made available to NFT holders to participate in question and suggestion sessions to help guide the service to new heights.

 

Bank of Wine combines the blockchain technologies of Web3 with the real world pleasure of drinking fine wines. Purchasing and trading wines will be more efficient, and more transparent so you never have to worry about the embarrassment of accidentally opening a dud bottle of Latour at your fancy party. 

 

To learn more about Bank of Wine, visit https://pixelfy.me/bankofwine17

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