The Spanish wine market enters the NFT world with Clos Mogador 2021
BARCELONA, 25/10/22. — The wine industry is not known for great leaps in innovation, and recent trends have moved towards more traditional agriculture, with organic, regenerative and biodynamic being some of the buzzwords.
However, some wineries are pushing the envelope and jumping in to blend art, wine and technology. One of them is the collaboration between the artist Xavier Vaqué and the well-known winery Clos Mogador.
Together they created “Satori Time”: an art concept conceived by Vaqué, using handmade cameras to capture all the light the grapes need to ripen.
Called “solarigraphy”, the images show streaks of the sun as it crosses the sky in the vineyard using a long exposure over 39 days.
The project was created during the 2021 season, and the wine itself is maturing now, and will be ready for bottling at the end of 2023. The printed version of Satori Time has been nominated for best Spanish photo book by PHotoEspaña.
This autumn, the digital version of Satori Time is launched as an NFT, in collaboration with bottles Clos Mogador 2021 and technology partner trustINwine.
Clos Mogador 2021 will be the first NFT made from wine in Spain with a limited release of only 55 bottles.
When you buy a Clos Mogador 2021 NFT, you have a digital certificate showing ownership of one bottle of wine: and you can be one of the exclusive owners of the first Spanish wine NFTs to be released.
As the owner of the wine NFT, you will be entitled to one bottle when it is available – right now no one else can buy this wine – and Clos Mogador together with trustINwine guarantee storage and security until you decide to redeem it.
The limited edition NFT will be released as a pack of Vaqué’s artwork and will act as a “key” to an exclusive community of owners. As the project develops, early backers of the project will gain access and opportunities to special events and future projects.
NFT will be released on the Polygon blockchain which keeps energy consumption and carbon emissions to a minimum.
Why use NFTs for wine?
The use of blockchain in the wine industry is growing as the underlying technology can help reduce one of the significant problems in the wine world: fraud.
NFTs are digital certificates of ownership that have been largely used to create verifiable ownership of digital art. Despite the hype often associated with NFTs, the underlying technology is simple: whoever owns the NFT in their “wallet” – a secure storage location for cryptocurrencies and NFTs – owns the rights associated with the NFT .
In terms of the wine industry, the use of NFTs will have major implications for the way collectible wines are bought and sold. The luxury wine and spirits market is estimated to reach USD 1.4 trillion by 2027, while fraud costs around USD 318 billion per year. In an environment where the loss is so extensive, it makes sense to use a simple technological solution to solve it.
One of the objections to using NFTs for wine is the idea that wine collectors like to keep their wines at home. However, there is already a market segment that uses external cellaring to keep wines in optimal conditions. There is a trend of wine collectors becoming younger and younger, combined with a property market that is prohibitively high for first-time buyers, a wine cellar is unlikely for a 25-40 year old collector.
With the emergence of various metaverses, and an increase in how people identify themselves online, with digital proof of owning a top wine for investment, the use of NFTs becomes a clear solution.
The project will be launched on 28 October. Find out more here: www.trustinwine.com/satori-
Website: www.trustinwine.com
