Might Yao Family Wines have company in other Napa Valley wineries? It’s hard to say, according to Hong Wan, director of the blockchain lab at North Carolina State University. Yao Family Wines was fairly well positioned to reach a broad base of consumers: as Behmke said, they might have been basketball fanatics, Yao Ming superfans, wine collectors or the especially technology-literate. Not all wineries have that reach.
“If you’re a small winery, it’s probably hard to attract (these kinds of) customers,” Wan said.
There might be other, more practical applications of NFTs to the wine industry: because NFTs represent a unique item and their authenticity can be easily verified, wineries selling very rare or expensive bottles of wine could pair them with NFTs to prevent forgeries, Wan said. In that case, though, the NFT might not necessarily retain its worth when or if the bottle of wine is consumed, Goundar said. The resale value of NFTs has generally yet to be determined, he added.
“If there continues to be resale value of NFTs, then more will be created, sold, and resold at higher prices,” he wrote. “The intention of most NFT owners is to sell them later and make (a) profit.”
As for the wine industry, NFTs likely won’t be a game-changer — at least as things stand now, according to Wan.
“For a winery to flourish, they still need to have good wine,” she added.