🍷 Selling Wine With Web3
Crurated - using blockchain technology to sell wine
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- Crurated - making wine more affordable with blockchain
- Learn - a couple of courses to further your knowledge in AI/Machine Learning
- In Other News - a few interesting developments we're tracking.
Crurated - making wine more affordable with blockchain
A new, high-tech digital platform is taking on the wine industry’s reputation as inaccessible and designed for older customers. Crurated sells wine online to members using blockchain technology. Buyers can purchase rare, limited-edition wines from more than 60 producers, with the option to buy partial barrels and get free storage on bottles. Crurated stands out in the wine world for its relatively young membership. 70% of members are younger than 45 years old, and 35% are under 35.
Potential customers interested in fine wine but who are earlier in their careers may not necessarily be able to afford an expensive barrel of high-end wine, but partial barrel sales are within their price range. Crurated is also able to eliminate many of the high fees associated with buying from typical auction houses, by connecting buyers directly with producers. Some of the wine producers Crurated works with offer personalized wine bottles. Customers who win auctions for certain barrels can choose how they want them bottled, and in some cases customize labels to reflect special events or celebrations.
Crurated uses blockchain technology to guarantee quality. Each bottle is also registered as an individual NFT, which eliminates counterfeit risk, assures wine’s future value and provides traceability. Buyers have real-time information about how a bottle is stored, where it traveled, and more. Each of these factors can impact quality and has the potential to ruin the wine if not handled properly. This too appeals to younger buyers, who are more willing to buy an expensive bottle of wine if they have transparency into the storage and conditions of the wine, ensuring its quality.
For every bottle of wine that enters Crurated’s warehouse, an NFT is created. The NFT includes extensive information on ownership history, vintage, vineyard location, varietal, and other important characteristics. The NFTs may be accessed by tapping an NFC or RFID-enabled phone. When the wine is resold and the token is transferred from one client to another, the bottle history is likewise updated via a new blockchain recording.
Alfonso De Gaetano is the founder of Crurated. Crurated has raised a total of $10.4M in funding.
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