GrtWines is a new online investment platform that focuses solely on collectible wines. At the beginning of the year, GrtWines revealed its inaugural collection, “100 Magnums,” featuring Bordeaux wines.
According to GrtWines, this first collection sold out in four days, thus displaying high demand for its marketplace.
When reviewing the website, wines range from around $100 and up to $6556.90. This bottle of 2003 Chateau Haut-Brion is being sold by CVBG, a noted wine merchant in France.
Next week, GrtWines will list the “Jefferson Collection,” a series of 21 wines curated by CVBG.
GrtWines utilizes blockchain technology to manage sales, ownership, and sales. Ownership is represented by NFTs.
The company states that “wine-backed tokens” are tied to tangible wines and can easily be traded or redeemed on the marketplace.
GrtWines explains:
“The peer-to-peer blockchain platform enables direct access and trading to fine wines, surpassing the limitations of traditional auction markets and eliminating intermediaries’ involvement. Until redeemed and delivered, wines are sourced directly from and stored in optimal condition at renowned wineries and trusted partners such as CVBG, an iconic Bordeaux negociant, ensuring the utmost quality and provenance, and an attractive option for both wine enthusiasts and investment-savvy individuals to diversify their portfolios.”
Jonathan Slone, CEO and co-founder at GrtWines, sees wine as an alternative investment and opportunity for diversification which is gaining “significant traction among younger buyers.”
To purchase a wine-based NFT, you need to create a digital wallet and pay by credit card or crypto (ETH).
James Suckling, a well-known wine critic, is backing the platform. He believes GrtWine may introduce collectible wines to a younger demographic.
