This Thursday, 8 September, La Nouvelle Cave, the wine merchant of the Casino group based in Paris rue Turbigo, invites its customers to a wine fair. An exceptional offer has been created with Maison Bouey, which offers grands crus classés. For 290 euros, wine lovers can start with a Maison Bouey stamped wooden board and a QR Code … The latter is symbolic, behind this transaction the customers are actually buying an NFT (Non Fungible Token) which corresponds to a bottle or a case of a grand cru, which is kept by the Maison Bouey.
A project to facilitate the resale of grand crus
This is the first time in France, assures the manager, and this project is part of the group’s more global approach to experiment with the various possibilities with Web3 (Metavers, NFT / Blockchain, cryptocurrency, VR, etc.). “Since 2021 we have been thinking about the theme of NFTs and we have studied many scenarios, explains Gaspard Randon de Grolier, CEO of La Nouvelle Cave. Our goal was to find a use that would bring value to wine-loving customers and justify the use of this technology. With this first drop of 15 NFTs, produced in collaboration with Maison Boué, we offer a new way to buy Grands Crus Classé with the aim of keeping and reselling them. “
The 30 bottles that will be sold for this first operation, in fact, are between 25 and 30% of the aging time. They will increase in value even more in 5 years or more. If the customer wishes to taste this wine, the Boué house will take care of delivering his property in exchange for the NFT. And if the customer wishes to resell his bottles, through NFT, he can provide the future buyer with complete traceability, with details on the purchase date and storage conditions. The latter can also not touch the products and keep the case inside the Boué house. Storage is free until January 2023, so the cost is 5 cents per month per bottle.
Polygon’s choice for the blockchain to limit costs
As for the technical aspect, La Nouvelle Cave has decided to go through the Polygon blockchain, “significantly cheaper than Ethereum but usable under the same conditions with possible resale on OpenSea”, specifies the CEO. The purchase will be made in euros on September 8, and the La Nouvelle Cave teams will actually make the NFT at the end of the sale to offset the volatility of the cryptocurrency.
In addition to traceability, the NFT also allows you to manage the remuneration between the various actors in the resale phase. In fact, La Nouvelle Cave, Maison Boué and the winemakers will receive royalties for each transaction, defined by smart contracts. Gaspard Randon de Grolier was able to benefit from the group’s experience to financially manage the collection of cryptocurrencies.
This first decline will follow another scenario on wine allocation next year. Therefore, customers will be able to purchase NFT even before the production of a cuvée to reserve the bottles. “Currently, everything is done manually,” emphasizes Gaspard Randon de Grolier. The technology would therefore bring an advantage for traceability and resale. It remains to be seen whether wine lovers will be, like art lovers, receptive to NFTs …