The Spanish Wine Market Enters the World of NFTs with Clos Mogador 2021


BARCELONA, 25.10.22. — The wine industry is not famous for great leaps of innovation, and recent trends have moved towards more traditional farming, with organic, regenerative and biodynamic some of the buzzwords.

However, some wineries are pushing the envelope and jumping in to mix art, wine and technology. One of those is the collaboration between the artist Xavier Vaqué and the well known winery Clos Mogador. 

Together they created “Satori Time”: an art concept conceived by Vaqué, using hand made cameras to capture all the light the grapes need to mature. 

Called “solarigraphy”, the images show the streaks of sun as it crosses the sky in the vineyard using long exposure over 39 days.

The project was made during the 2021 season, and the wine itself is now maturing, getting ready for bottling in late 2023. The print version of Satori Time is nominated for best Spanish photography book by PHotoEspaña.

This autumn the digital version of Satori Time is launching as an NFT, in collaboration with bottles of Clos Mogador 2021 and tech partner trustINwine.

Clos Mogador 2021 will be the first NFT made of wine in Spain with a limited release of only 55 bottles.

When you buy a Clos Mogador 2021 NFT, you have a digital certificate that shows ownership of one bottle of wine: and you can be one of the exclusive owners of the first Spanish wine NFTs to be released.

As an owner of the wine NFT, you will have the right to one bottle when it’s available – right now, nobody else can buy this wine – and Clos Mogador, together with trustINwine, guarantee the storage and safety until you decide to redeem it.

The limited edition NFT will be released as a bundle with Vaqué’s artworks and will function as a “key” to an exclusive community of owners. As the project develops, the early supporters of the project will gain access and opportunities to special events and future projects.

The NFT will be released on the Polygon blockchain which keeps energy consumption and carbon emissions to a minimum. 

Why use NFTs for wine?

The use of blockchain in the wine industry is growing since the underlying technology can help reduce one of the significant problems in the wine world: fraud.

NFTs are digital certificates of ownership that have been used largely for creating a verifiable ownership of digital art. Despite the hype often attached to NFTs, the technology underpinning it is simple: whoever owns the NFT in their “wallet” – a secure storage place for crypto currencies and NFTs – has the rights attached to the NFT.

In terms of the wine industry, the use of NFTs will have great implications on the way collectible wines are bought and sold. The luxury wine and spirits market is estimated to reach US$1,400bn by 2027, while fraud costs around US$3,18bn per year. In an environment where the loss is so extensive, using a simple technological solution to solve it makes sense.

One of the objections to using NFTs for wine is the idea that wine collectors enjoy having their wines at home. However, there’s already a market segment that uses remote cellaring to keep wines in optimal conditions. There is a trend of wine collectors getting younger and younger, combined with a property market prohibitively high for first time buyers, having a wine cellar for a 25-40 year old collector is unlikely. 

With the emergence of various metaverses, and an increase in how people identify themselves online, having digital proof of owning a top wine for investment, the use of NFTs becomes a clear solution.

The project will be launched on 28 October. Find out more here: www.trustinwine.com/satori-time

Site: www.trustinwine.com



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