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WiV Technology addresses the sphere of blockchain-based verification and trading of non-fungible tokens associated with wine brands. From now, it will assist Georgian winemakers—from the country of Georgia—in the global adoption of their products.
Turning Georgian wines into NFTs: WiV Technology (WIVA) partners with the government of Georgia
According to a press release shared with U.Today, WiV Technology has entered a long-term partnership with the Georgian government. Within this framework, local wine industry players will have their flagship brands represented in the NFT segment.
These digital collectibles will be available on global platforms visited by traders, wine producers, collectors and enthusiasts of the sphere. As a result, the visibility of Georgian wine will be boosted globally.
President of Georgia Salome Zourabichvili stressed that this partnership implements revolutionary technology into a sphere crucial to his country's economy:
Economics is changing. Physical assets can now be turned into digital representations of the physical assets so that they can be traded more quickly and efficiently. This process works exceptionally well for wine because the digital certificates of the wine, also called wine tokens, can confirm the wine's provenance. We want to be the first wine-producing country that embraces this new approach, bringing Georgian wine to a new standard and new audiences.
Tommy Nordam Jensen, co-founder of WiV Technology, is certain that the new partnership will democratize the wine production and trading spheres and advance the accessibility of Georgian wine for foreign capital:
Wine is in the DNA of the Georgian people, it's a massive source of pride for the producers and the whole country. This agreement is a superb opportunity for us to help develop their position in the global market. By connecting fine wine with quality assurance and immutable provenance on the blockchain, we will be putting some of Georgia’s exceptional wines in front of wine merchants, collectors and enthusiasts from right across the globe. It will make it simple to trade the wine quickly, simply and cost-effectively.
When wine becomes a DeFi asset
WiV Technology is tasked with the eccentric challenge of integrating alcoholic drinks into the vibrant segment of decentralized financial protocols (DeFis).
The start-up is laser-focused on building a platform where producers and collectors can instantly buy, sell and borrow money against their wine—represented as crypto tokens.
To meet the interest of its growing community, WiV Technology is going to deploy its own community token, WIVA. It will act as a core native utility and governance asset for WiV.