Global wine market will reach $434 billion by 2027, making it larger than nearly every commodity market except for oil. Take our wine survey to learn more about trading fine wine for bitcoin.
Redeeem is exploring a partnership in the wine space, and we want to get feedback from our users before we launch.
IBM & eProvenance
In December, an analytics company eProvenance selected the IBM Cloud to run their VinAssure platform for monitoring wine shipment conditions and create a permanent record of the history and lifecycle of physical wine units to ensure authenticity and perfect storage conditions.
VinAssure assigns a QR code to every bottle to offer customers details on the wine's origin and flavor profiles, and whether it meets certification standards for organic or sustainability practices. The algorithm produces a normalized score from 0 to 100 to provide critical data on the quality of wine shipments from the farm to the wine glass.
Since 2016, IBM has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement blockchain applications, while eProvenance has collected millions of data points for nearly 400 producers in 65 countries.
These wine traceability systems are critical to identity and prevent fraud in the wine industry. However, no crypto marketplace has been able to tokenize wine bottles themselves and make them available for trading.
Liv-ex 1000 Index
The Liv-ex Fine Wine 1000 generally tracks the top 1,000 highest priced wines from across the world. The wines included in the index are reviewed on a quarterly basis by an elite wine selection committee, intended to give investors the highest returns for the alternative asset class.
Liv-ex offers its clients access to over $100 million of luxury fine wine, stored in temperature-controlled vaults in bonded wine warehouses in London. All wine is guaranteed to be authentic and in perfect condition, so there's no risk of fraud, theft or damage, which is a common fear in the secondary fine wine market.
Wine can be bought, sold, traded, shipped to over 220 countries, or held in storage for as many as 30 years until it's ready to drink.
One goal of this project is to create financial opportunities for underrepresented groups of people and offer exposure to alternative investment classes. Our addressable market size we believe is around $3.5 billion per year, or 6% of the luxury wine market.
With your help, we can tokenize these wine bottles faster and make them available for trading on Redeeem in the coming weeks.
Take our wine survey here: