Spanning nearly four decades, my personal journey with wine has reached an exciting junction: co-founding a Web 3 wine startup, GrtWines. As David Byrne aptly puts it, “How did I get here?”
The roots trace back over two decades, with the launch of the 2000 Bordeaux wines sold *en primeur* (a process where wines are sold before being bottled). This specific vintage was buzzing with anticipation, predicted to be legendary in its offering, a sentiment echoed by early wine critics. Still in the early phases of crafting my wine collection, the 2000 release seemed a perfect investment opportunity. My most significant purchase? A whopping 12 cases of 2000 Latour, costing an unprecedented $3,200 per case. Today, its value stands at a staggering $13,700 per case.
Fast forward two and a half years. As the bottles started populating my cellar, a wine tasting event I attended showcased early vintages of Latour. While each bottle had its merits, two vintages distinctly caught my attention. The 1990 Latour was enthralling – richly layered with dark notes, accompanied by silky tannins, plush fruitiness, and a harmonious balance of acid and alcohol. In comparison, while the 2000 vintage was undeniably exceptional, it lacked the allure and intricacy of the 1990. Furthermore, it was clear that to genuinely appreciate the 2000, it would need further aging – perhaps another 40 years.
Inspired by this revelation, I wanted to trade half of my 2000 collection for the captivating 1990 vintage, which was more affordably priced at the time. The internet, still in its nascent stage in 2002, showed several merchants stocking the 2000. But the real challenge emerged when I approached auction houses. Owing to my decision to move the wine from its “original storage,” its perceived value depreciated. The uncertainty surrounding the quality of my home cellar storage, coupled with the ambiguity of the wine’s shipment logistics, diminished its appeal. To auction it, I’d have to endure a tedious process of inspections, transfers, and hope for a favorable price. If unsold, the cycle would restart, each move degrading the wine’s value further.
Enter GrtWines, the solution to such predicaments. By tokenizing wine assets and keeping them in pristine storage conditions with the Négociant in France, we ensure the provenance and authenticity of each bottle. This process not only assures the quality of the wine but also revolutionizes its trading liquidity. Investors can trade without the actual wine being physically transferred, safeguarding its value and pedigree.
This innovative approach by GrtWines eliminates the traditional barriers in the wine trading world. No longer will wine enthusiasts have to sacrifice the value and quality of their collections due to storage and transportation concerns. By seamlessly merging the illustrious world of wine with the transformative power of blockchain, GrtWines is redefining the future of wine collecting, investment and trading.
