London, January 29, 2020: WiV Technology, a blockchain-based trading platform for unique assets, has linked up with OpenSea, a global online marketplace for crypto-collectibles, to offer fine wine trading to a new range of collectors.
Both platforms are based on ERC721, a free, open standard that describes how to build unique, non-fungible tokens on the Ethereum blockchain. Traders can agree that a specific bottle or case of wine on the WiV platform has a comparable value to items listed on the OpenSea platform and trade accordingly. The activity is recorded on the blockchain and trades are virtually instantaneous.
The launch will see wine from Chateau Lafite, Cheval Blanc and Margaux being offered via a European wine merchant.
“When we created WiV, we wanted to open up fine wine sales to new markets, and this partnership is a prime example of that philosophy,” says Tommy Nordam Jensen, WiV Technology CEO. “Crypto-collectibles are a world away from fine wine, but presenting WiV’s clients’ assets on OpenSea brings wine to a new generation of collectors who expect to be able to trade their assets quickly, efficiently and transparently. It opens a new door for the wine industry.”
“We want to use interoperable standards like ERC721 to create vibrant new economies powered by liquid marketplaces,” says Devin Finzer, CEO at OpenSea. “Our tools enable developers to build rich, integrated marketplaces for their digital assets, and adding WiV highlights OpenSea’s flexibility.”
WiV recently completed the world’s first transaction of a wine future, trading seven cases of Chateau Croix Mouton 2018 that have not yet been released. The wine’s buyers were issued with unique, fully tradable WiV_ID Tokens that prove their ownership.
About WiV Technology
WiV Technology is a blockchain-based unique asset technology designed for wine producers and merchants. With offices in London, Oslo and Singapore, the WiV blockchain technology issues non-fungible tokens to create a secure global asset register and decentralised financial marketplace for fine wine and spirits. WiV facilitates provenance record-keeping, trading liquidity, geolocation and market assurance. For further information, go to www.wiv.io
Founded in November 2017, OpenSea is a global marketplace for crypto collectibles. Its community of passionate users and developers can currently trade more than three million items across more than 120 asset categories. The OpenSea team has backgrounds in Facebook, Google, Palantir Technologies, Pinterest, Stanford University, and University of California, Berkeley. The project is funded by Blockchain Capital, Blockstack, Coinbase Ventures, Founders Fund, YCombinator and 1Confirmation. For further information, go to www.opensea.io