How web3 can solve piracy and fake products sales; Luxury wine and spirit counterfeits.
In the spirit of the luxury drinks community
Luxury drinks (wines and spirit) collection has been some kind of weird habit of some nobility; to me its not weird, because most of the moves of rich men are calculated. The practice is simple and synonymous to say :
wine becomes better with age
As they become better with age, so do their valuation!
So it is straight forward. Buy luxury wines ams spirits, keep them for a long time in your shelf or storage, then auction them later as a 10,20 or 30years wines. Some families inherit wine cella from their forefathers and could have wines of 100years of age. Its a hobby, habit and trait that yields tremendous amount of money at the long run. Some collections sold recently for 2 million dollars and 4.5 million dollars.
People are now skeptical of buying luxury drinks now a days; why? Counterfeits! A lot of money has been lost on buying fake drinks all in the name of collecting luxury drinks.
There are few ways in which collectors identify original drinks;
1. Employing the service of a seventy something years old bartender who have come in frequent contact with thousands of drinks and know the original by observing. While we can agree that this works to a certain extent, a good counterfeit will easily beat this check and more over, you cannot easily come by these bartenders. Very few of them are remaining and it posing a serious concern for buyers.
2. Comparing the physical attributes of previously used bottles from the same brand and same product. It may sound sensible but it is utter senseless. How do you start comparing bottles of products when it is the first thing the fake guy will first get to gain your trust! Do you also know that the bottle of a luxury wine or spirit is also a luxury?
This is an option that is highly flawed, but nevertheless, it is used at times.
3. Carbon dating: Here, a small sample of the drink have to be sent to a lab to check when the yeast stop growing, that is, when it was brewed. This takes alot of time and is also invasive ( you have to open the drink and send a sample of it. Do you also open all the drinks there?)
These are options that have been working sparingly in the past and as such, huge losses have been incurred and lot of damage has been done to the luxury drinks industry. What exactly is the impact it has had on this trade?
Counterfeit Luxury drinks has wrecked a lot of havoc on the people and the industry. Several of millions of dollars has been lost to scammers who have so much perfected their schemes that they go undetected while selling. They cart away with several millions and buyers are left with drinks that are not only valueless, they are also horrible to taste. So, how do we check these excesses?
NFT is immutable and there is only one of a particular art or product. How can this help this industry;
A particular wine/spirit is imprinted (the bottle) with block chain characteristic peculiar to it and it alone, and such is produced as an NFT. So, a collector purchases the NFT, making him/her the sole custodian of that product and it can be kept for as long as you want as NFT or redeem to get your wine/spirit shipped to your location. This is exactly what @Blockbar has brought to luxury lovers. Merging the authenticating ability of NFT with brands of luxury drinks. How?
1. Buy your NFT (a drink) on blockbar market. Keep it in your wallet. While Blockbar keeps the drink for you in their temperature controlled storage room in Singapore.
2.You can continue to buy more NFT without worrying about storage. Just stack them in your wallet.
3. If you need the drink, you can either burn or redeem your NFT and Blockbar will ship the drink to your location anywhere in the world.
4.Each drink has a block chain characteristics that can be checked instantly to determine their authenticity. (more or less the way barcodes work).
5. It can’t be copied, destroyed or tampered with. Completely immutable.
Blockbar has provided a way for us to verify luxury drinks instantly without going through the previous rigors. It will also prevent all the storage headaches as you wont have a reason to keep the product in your house when you can keep them in your wallet. The process has been simplified
Counterfeit problem solved!
Blockbar partners directly with the brands. And they will not be in possession of any drink until you mint one NFT. Your drink will move from Henessey factory to Blockbar storage when you request (mint).
It is all factored in the mint price. A collector that can afford a $200k drink can afford some couples of dollars more as service charged for storage, maintenance and authenticity.
Blockbar media page
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