An agreement between WiV Technology and the Georgian government will make the flagship brands of Georgian wines and their associated non-fungible tokens (NFTs) available to wine producers and collectors on the WiV platform.
WiV Technology announced that it has signed an agreement with the Georgian government to expand the global presence of Georgian wine and ensure quality.
As part of the agreement, local players in the Georgian wine industry will present flagship brands in the NFT segment. WiV is working to build confidence in Georgian wines and will develop a quality assurance scheme. The guarantee scheme will be based on a panel of experts evaluating vintages to ensure that the wine meets the highest industry standards.
Tommy Nordam Jensen, co-founder of WiV Technology, is confident that the new partnership will make Georgian wines more accessible to foreign capital:
“Wine is in the DNA of the Georgian people. This is a huge source of pride for manufacturers and the whole country. This agreement is a great opportunity for us to help strengthen our position in the global market. By combining fine wine with quality assurance and consistent provenance on the blockchain, we will introduce some of Georgia’s exceptional wines to vintners, collectors and enthusiasts from around the world. In addition, it will simplify the wine trade and reduce costs. ”
Georgian President Salome Zurabishvili stressed that this partnership is bringing revolutionary technologies to an area that is critical for her country’s economy:
“The economy is changing. Physical assets can now be turned into digital representations of physical assets to trade them faster and more efficiently. This process works exceptionally well for wine because digital wine certificates, also called wine tokens, can confirm the origin of a wine. We want to be the first wine-making country to take advantage of this new approach, bringing Georgian wine to a new standard and a new audience. ”
WiV issues non-fungible tokens (NFTs) to create a global secure asset registry and DeFi marketplace for fine wines and spirits. It helps keep track of origin, trade liquidity, geolocation, and market collateral.