Georgia is putting some of its wine on the blockchain, enabling investors and enthusiasts to track provenance and buy and sell associated non-fungible tokens (NFTs).
The eastern European countryâs government has partnered with Norway-based blockchain trading platform WiV Technology in a bid to bring the countryâs wine to a wider audience and enhance its reputation, according to an emailed announcement Tuesday.
Under the partnership, NFTs for the wine and its provenance will be minted and made available on WiVâs blockchain-based trading platform. WiV is also helping Georgiaâs National Wine Agency develop a quality-assurance standard similar to the âDenominazione di origine controllataâ (Designation of Controlled Origin) model used in Italy since 1963.
New draft legislation in Georgia requiring certification for all wine has just been passed in parliament. âThis can all be put on blockchain and all wineries and producers are obliged to pay for it, which gives it a great advantage,â WiV CEO Tommy Jensen told CoinDesk.
The process of trading physical assets more quickly and efficiently as digital representations âworks exceptionally well for wine because tokens can confirm the wineâs provenance,â Georgia President Salome Zourabichvili said in a statement.
Georgiaâs wine exports totaled 94 million bottles in 2019, generating $240 million in sales, according to the National Wine Agency.