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Auction house Strauss & Co from South Africa announced a collaboration with five local producers of vintage vintage wines, which will present their products in the form of NFTs.
Strauss & Co Fine Art Auctioneers announced that it will list five local wine producers for sale next week, which will be presented in the form of collectible tokens. One of the leading wine sellers WineCellar and sommelier Higgo Jacobs will also take part in organizing the auction. In particular, the vertical collections of vintage wines Klein Constantia Vin de Constance, Kanonkop Paul Sauer, Meerlust Rubicon, Mullineux Olerasay and Vilafonté Series C will be tokenized. Each NFT features 20 to 50 vintage products with collections ranging from 66 to 288 bottles.
NFTs play the role of a “digital contract” here, which will store information about the origin of the ingredients used to make wine, data on the “age” of the wine, prices and participants in the supply chain. The use of unique tokens will allow to prove the authenticity of products and prevent the sale of counterfeit products, manufacturers are sure. With the help of NFT, they hope to increase their sales after the pandemic, which has significantly hampered trading in this area.
“Over the past 2 years of hype in the NFT market, many alcohol producers have begun to use collectible tokens. This first online NFT auction in Africa will raise awareness of South African wines internationally. NFT Strauss & Co Fine Wine holders will have the opportunity to own iconic vintages directly from the producers,” said WineCellar Director Roland Peens.
Last year, non-fungible tokens began to be used by Georgian wine producers. They believe that this will increase the credibility of their products and become a guarantee of their quality. In March, the Scottish company The Whiskey Barrel also began using NFT to fight counterfeiting.
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