Robert Mondavi's reinvents its brand using NFTs Providing Unique Experiences To Wine Connoisseurs
Today, I am covering one of the most interesting NFT use cases in the beverage industry specifically the usually antiquated and globally celebrated wine industry.
California vineyard Robert Mondavi has created the world's first NFT-sold wine label. Currently, you can track a limited edition of 1,966 bottles using blockchain technology. Mondavi developed the NFTs with Vayner NFT and Clay Heaton. In addition, Mondavi has teamed up with the conservation system Aerial to track the project's carbon footprint and offset it through third-party certified programs that protect and reforest the wilderness.
Each NFT bottle costs $3,500 and includes a key to redeem a bottle IRL. That's total potential revenue of $6.9 million and a heck of a differentiator from competitor luxury wine brands.
Robert Mondavi embraces the new non-fungible tokens (NFTs) technology, so much so that it has become a key component in vending his wines today. His wines and the people who make them are always trying to improve year after year their customer experience and provide more value to them.
But what value do NFTs bring to wine connoisseurs?
NFTs are essentially secure digital records demonstrating the authenticity and ownership of collectors' one-of-a-kind items. Like the rest of the world, the wine industry took notice after the beeple NFT digital artwork sold for $69.3 million in 2021 at Christie's New York.
Working with NFTs might be intimidating initially. What kind of NFTs will your brand launch? In the case of Mondavi, they focused on the porcelain bottles they produced, which had already attracted the attention of wine collectors. You can even see these bottles proudly displayed in the infamous Dionysus wine tasting room in Paris, which exhibits a matte black bottle and double burgundy red magnum porcelain wine bottles from the brand.
Even if the NFT wine bottles are empty, the digital porcelain designs would be valuable as NFTs in themselves for the collector, especially if they pair it with the real bottle as a centerpiece of their wine collection. The NFT collection boasts three wines created in collaboration with Janssens by Andy Erickson and Thomas Rivers Brown(winemakers). My research reveals that Michel Bernardaud's family has been producing Limoges porcelain for over 150 years, and he and his firm devised and crafted the wine bottles for the NFT collection.
These Glass and porcelain NFT bottles will also be used to store identical wines for 30 years, and you as a collector will be able to open a pair every three years to see the aging process of wines in porcelain. The NFT world and I are eagerly awaiting the experiment's outcome.
Winemaker Robert Hanson believes combining traditional winemaking with the cutting-edge technologies of NFTs and generative art will help restore Mondavi to its former glory. This is after Mondavi became associated with the winery's lower-cost labels instead of its higher-end offerings. But, when it comes to Napa Valley's excellent wine, they are starting on a historic transition into the Web3 world, and if proven successful, this will be a great lesson for brands that are attempting to reinvent themselves.
Furthermore, the winery intends to create a membership club for its NFT holders in the coming years, where they will be provided with exceptional experiences for those that would like to visit the vineyard.
Finally, the NFT bottles will aid you in the resolution of a second issue confronting the wine industry. Over the years, we've noticed there's a lot of fake wine out there. Therefore, every wine bottle will be attached with a QR code so the public can track it. Of course, your ownership of the wine bottles NFTs can be traded or kept after it's bought, but I suspect owners will desire to hold it rather than sell.