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CryptoCurrencyWire’s latest audio production features David Garrett, Co-Founder of dVIN Labs, which is using tokenization to bring wine on-chain.
During the interview, Garrett discussed the value proposition of dVIN Labs, even for investors who don’t drink wine.
“Wine is a really interesting asset class. The turnover is about $500 billion every year. To put that in perspective, if you added up the entire global film, television, music, video game, and publishing industries, all of those together are smaller than just the wine business,” he said. “I think there are really two reasons why someone who's interested in blockchain would be interested in dVIN Labs. First, the wine industry is uniquely suited to take advantage of the benefits of blockchain and decentralization to really make some interesting inroads into efficiencies, really charting the path forward for using blockchain to solve real business problems.”
“On the other side, there's a $300 billion asset class inside the wine industry made up of investment-grade wine – wines that have a secondary market. For the last 50 years, that's really been the playground of billionaires. As you tokenize wine, those trades start to become available to everybody. We think there's going to be some really interesting trading opportunities in tokenized wine coming very soon.”
Garrett next provided some insight into his background in the wine industry.
“I started a tech company and sold it, then I dumped the proceeds into a vineyard and a winery in Argentina. I was there for about 10 years and now have another project in Spain. I've spent 20 years in the wine industry, mostly in the luxury investment-grade rare wine sectors, looking for ways to take my tech background and create a better way to do business. The wine industry works the same way today that it worked a thousand years ago. I think that blockchain really could build the operating system for the next thousand years of the industry.”
Join IBN’s Jonathan Keim and CryptoNewsAudio’s latest guest as they discuss how consumers, winemakers and others in the industry are set to benefit from tokenization.
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