IG Wines has today announced a new partnership with Mattereum to create digital tokens for high-value wine and whisky.
The partnership will leverage Mattereum’s industry-leading technological innovations such as the Mattereum Asset Passport and Trustable Non-Fungible Tokens (NFTs) to use the blockchain to revolutionise how high-value wine and whisky are bought and sold.
The fine wine merchant will work with Mattereum on two groundbreaking projects, the first of which will onboard casks of whisky and open up shared ownership to a larger pool of investors and traders. Specifically created Mattereum Asset Passports that bundle together legal rights and guarantees will show clear and transparent lines of ownership of each cask, increasing confidence among buyers and sellers alike and ultimately boosting their value.
Trustable NFTs – digital tokens that denote ownership of physical goods – will also be created for high-value wine, guaranteeing the accuracy of provenance and authenticity of each physical bottle. Unlike ordinary NFTs, Trustable NFTs are backed by the Mattereum Asset Passport and are paired with Mattereum’s smart contracts, creating a framework that enables legally enforceable warranties and true digital and physical ownership with confidence. This will ensure that brands like IG Wines can securely operate on the blockchain, opening up fine wine and whisky to a broader range of clients, investors and collectors.
Trust is key to cutting out counterfeits and building investor confidence. The partnership between IG wines and Mattereum, with its leading legal frameworks and experience in trading high-value physical assets such as coveted artwork, historical artefacts and prized musical instruments will make each transaction transparent and legally secure.
Paul Hammond, co-founder and director of IG Wines, said: “IG Wines have always been a proponent of increasing transparency within the fine wine market and giving their clients assurance that when they buy wines through IG Wines, they are getting wines with perfect provenance. This partnership allows IG Wines to leverage Mattereum’s experience within the NFT industry and utilise blockchain to provide an immutable history for the wines they sell. We believe that this is the beginning of a new standard in wine provenance and authentication.”
Mattereum founder and CEO Vinay Gupta said: “We like wine, and whisky. So does almost everybody else. Unlike so much of what is happening on the blockchain today, the value in wine and spirits are tangible and tastable. By giving buyers absolute transparency and clarity on their purchases, we will generate greater buyer confidence, creating value for current market participants and encouraging broader participation in the wine and whisky markets. This partnership will open up powerful new tools which will help everybody to access the wine and spirits supply chain on an equal basis”.
With over $23BN of NFTs traded in 2021 and the market expected to grow significantly, NFTs represent a new way to interact with and access potential customers. Mattereum’s unique and innovative frameworks will allow IG Wines to sell crypto-assets that are backed by tangible goods of real-world value. With Mattereum’s mechanisms in place, IG Wines’ customers can invest in fine wine and whisky crypto-assets with total confidence.
“This partnership allows IG Wines to leverage Mattereum’s experience within the NFT industry and utilise blockchain to provide an immutable history for the wines they sell. We believe that this is the beginning of a new standard in wine provenance and authentication.” — Paul Hammond, co-founder IG Wines