--------------------------------------------------------------------------------------------------------------------------------------------------------

HOW NFTs WILL CHANGE THE WINE INDUSTRTY

Let's face it the term NFT is confusing, it means Non-Fungible Token and that makes no sense at all. But neither did all the other unfamiliar terms like Cloud Storage, Cloud Computing and 5G. They were also confusing at first but are now everyday terms. The same will be true for NFTs and their place in the Wine Industry. NFTs will fundamentally change the way the wine industry does marketing, promotion and protects itself against fraud.

Remove all the technical jargon and NFTs are a simple concept. Once you understand a few simple use cases the only thing standing in your way is how creative you are in using them.

READ THIS AND YOU WILL BE AN NFT EXPERT:

An NFT can be a digital image or document that’s created on thousands of independent computing devices called the blockchain. Once created the record is immutable, meaning the information cannot be changed, or hacked. NFTs are stored in a digital wallet and accessed by a set of numbers and letters called a public and private key. The NFT can be moved from the creator's wallet to another wallet, thus transferring ownership. Each NFT is unique and can never be altered. Some NFTs become unique collectables.

USE CASES:

Reduces Fraud: 

For private wine collectors an NFT documents the authenticity of the wine and ownership. Using an NFT as documentation protects against fraud and provides ownership validation for insurance and collectability.

Access to Special Events:

Each NFT is unique and can be used as an entry ticket to events and document Wine Club membership. 

Marketing and Promotion: 

A high-end bottle of wine paired with an NFT makes it unique and can become a collectible.

Inventory Documentation: 

All current wine inventory management systems are susceptible to hackers and data loss. NFTs are almost impossible to hacked or become compromised. Using an NFT as the document in a wine inventory management system will reduce the threat of data loss and hackers. 

NFTs ARE NOT ALL THE SAME:

Just like cryptocurrency there are many types of NFTs. For the Wine Industry using a utility NFT would meet there needs.  

Want to create an NFT? We at Redite have made it simple to create a utility NFT go to www.getredtie.com and try it.

About the Author:

Steven J. Knaebel,

President, Redtie International.