May 19, 2021
Farandole has launched its global NFT marketplace for fine wines and spirits on Avalanche.
The innovative NFT platform allows the trade of virtual and physical wine and spirits using blockchain technology. In addition, it shines a light on modern solutions for the issues lingering within the wine industry.
Farandole’s marketplace aims to modernize the wine & spirits industry by leveraging the solutions offered on the Web3. This means faster cheaper services for consumers while maintaining the quality of the product.
For instance, the platform allows easy ownership tracking. Wine and spirits buyers will get the digital asset along with proof of ownership stored on the blockchain. Every time the NFT is traded, the physical bottle stays in its optimal conditions at a professional storage warehouse. It will only leave storage when it is time to be enjoyed.
The application of NFTs and blockchain tech by Farandole not only helps to solve administrative burdens and legal issues. It also lowers deliveries and reduces the impact on the climate. Moreover, it ensures that royalties go-to producers, brands, and sellers on each transaction.
The platform will also guarantee the asset’s authenticity and integrity through the use of blockchain tech.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.