Wine fraud – How NFTs are helping

on August 30, 2022

NFTs are more than digital artwork. Read on Bourbon And Boots how we use NFTs to fight wine fraud and transform bottles into a smart communication channel. Customers simply tap the bottle with their smartphone and a new phygital world opens.

NFTs are made to fight wine fraud

NFTs can not be duplicated or corrupted which makes them a major tool in fighting the counterfeit market. Using an NFC tag, like the chip in your contactless bank card, a physical product can be easily connected to a virtual NFT, existing in the Blockchain, securing its individual identity description detailing the owner, the date of production, the producer, etc. Information on the blockchain cannot be replicated or copied. This “phygital” tag can be secured onto the neck of the wine so that as soon as it is opened it will be registered on the blockchain, meaning that if the bottle is refilled it is easy to detect a forgery/ counterfeit.

Read the full article here.

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About Sebastian

Sebastian is Managing Director of vinID. Sebastian holds the WSET Level 3 and is currently completing his "Weinakademiker Diploma". Prior to his engagement with fine wine Sebastian has worked in the investment bank and wealth management industry for 15 years. He holds a double diploma in European Business Studies from Oxford Brookes University and the University of Applied Sciences in Regensburg.
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