By Kseniia Klichova
Updated
5 min read
The NFT world is joining the wine industry by combining the power of the NFT community, Bored Ape Yacht Club (BAYC), and The Bored Wine Company, built by fine wine blockchain-based platform WiV, with an aim to combine the art of crafting the finest of wines and the creation of unique digital art collectibles.
The world of non-fungible tokens, popular as NFTs, is blowing up as millions of people worldwide get acquainted with the industry and millions of dollars pouring into the market to buy digital media, art, and collectibles.
If you have followed crypto Twitter personalities in the past few months you may have a clue of the growing NFT field and the emergence of weird-looking ape cartoons on every profile picture. The ape cartoon images usually present a blasé personality with some coming with bubblegum, cigarettes, pipes, and other distinguishing characteristics to make them unique. These ape cartoons are rapidly becoming the most favored NFTs by Twitter personas and the crypto community as they keep buying them at crazy amounts to show off to the rest of the world.
These colorful ape avatars are a creation of one of the most successful NFT communities, Bored Ape Yacht Club (BAYC), which launched in April 2021. Each of these avatars is unique and created through an algorithm designed by Yugo Labs, which mashes together unique traits and characteristics such as accessories, color, and backgrounds to create an ape NFT. At launch, the BAYC website released 10,000 unique NFT pieces – raising $2 million in an event that was sold out in minutes.
The latest move by The Bored Wine Company, allows BAYC NFTs to offer users more utility by giving holders an opportunity to invest in the best wine collections.
In a statement, the Bored Ape Yacht Club members have an opportunity to invest in The Bored Wine Company using their NFT collectibles, giving them a real-world use case – to drink, toast, trade, and invest in fine wine. The latest move aims to give ape avatar holders “something to enjoy in the real world” and new NFT wine collectibles in the process which will boost the adoption of rare digital collectibles to wine lovers.
BAYC NFT holders will have an opportunity to invest in fine wines in The Bored Wine Company. The members can invest in a case of six bottles of fine wine resplendent in a label that resembles their BAYC ape personality. Additionally, the members will also have an NFT created for their unique personalities to prove ownership of the crafted wines and they can be traded virtually instantaneously. The key value proposition, however, is that owning an NFT secures your physical case of bottles of wine and its value in a professionally managed Metacellar warehouse.
The new collection of wine NFTs will provide the BAYC ape avatars with an opportunity to enjoy some fine wine and earn new NFT pieces, which are minted for the investors. The Bored Wine Company, built and developed by WiV, a blockchain-based trading platform for unique assets, hopes the launch of wine-based NFTs will start a new era in art where winemakers and NFT artists collaborate to immortalize their art on the blockchain.
The wines are crafted by some of the world’s best winemakers and then bottled by The Bored Wine Company for the BAYC members. Each NFT wine label is a specifically commissioned original piece exclusively created by NFTSommelier, creative director at WiV.
To get a case of fine wine bottles from The Bored Wine Company, users need to own one of the 10,000 BAYC NFTs available to members. The holders will then need to fill in a form on the wine company website and send the ape avatar personality that they would like to be printed on a wine bottle. Once complete, artists will create unique and rare artwork – using the selected Bored Ape personality – for the wine labels and immortalize the case of wine in a unique NFT piece.
The NFTs are minted on OpenSea, a marketplace for unique and rare NFT pieces, and the artwork is sent to the production team to place on your vintage collection of wine bottles. The proceeds from selling wine-inspired NFTs aim to support the creativity and innovation of artisan producers around the world – both in the wine industry and the NFT space.
So what does investing in the case of The Bored Wine Company mean for BAYC members?
Once you fill the form and invest, a case of six wine bottled will be produced with a label of the Bored Ape personality you chose. The case is then transported to a professionally bonded Metacellar warehouse for safekeeping. The NFT, which is based on the wine’s label reflecting your ape personality is sent to your address denoting ownership of the wine. These NFTs can be traded directly on the open market.
To preserve the art of wine crafting and support future community projects, an extra bottle with the BAYC ape label will be added to The Bored Wine Company vault. As an optional extra, users can also request the eighth bottle with a similar label that users can admire and enjoy at their leisure in the real world.
In its short time in existence, the BAYC has carved out a special community of NFT holders through gifting random rewards to holders. Additionally, these wine-inspired NFTs aim to entice wine lovers to own BAYC NFTs. Owning a BAYC piece conveys exclusive benefits to members such as an exclusive market to new NFTs. Now, users and holders of BAYC NFTs will also be able to invest in fine wine.
The latest NFT entrant becomes the latest in a line of NFTs spin-offs available to BAYC NFT holders following an earlier release of “dog NFTs” to the Bored Ape Kennel Club members in July.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.
