Joy Pathak. In our conversation, we discussed NFTs, why the wine industry is ripe for innovation, and how NFTs will affect the food and beverages industry.
I am also an avid wine collector and have witnessed the challenges of the luxury beverages industry from close quarters. As a Web3 exponent, I firmly believe that NFTs have the potential to address these problems. It was one of the primary reasons for developing Evinco Winery DAO with Mario Roam Sculatti.I think there are several aspects of the industry that we have to work on. First, wine club memberships have high entry barriers with a complex onboarding procedure.
How will NFTs tackle the challenges in the wine industry? Do they really have the transformative potential to disrupt the sector? I think NFTs will also contribute to the ‘phygitalization’ phenomenon in the wine industry. In simple terms, NFTs bridge the physical-digital divide to offer a unique experience for wine enthusiasts. Therefore, NFTs are not just on-chain digital assets, they also unlock different real-life benefits and opportunities.
We also have gamified the entire membership and perks process. You have to stake your NFTS into our special smart contracts built on the blockchain, where depending on how long you stake it, you get new perks that unlock. It is similar to your wine ages and evolves and becomes better in the same way your NFTs get you more perks the longer you leave it in the contract.
Additionally, NFT holders will have access to the tasting room and members' lounge in the Napa Valley town of Castiloga. They can take a tour of our winemaking artifacts and visit the cellar at our private estate.