The wine industry is currently worth over $400 billion and is one of the most popular alcoholic beverages in the world. However, there are a few key issues that the wine industry faces. These include the high cost of production, the need for storage and aging, and the impact of climate change on vineyards.
All these challenges work to make the wine industry an exclusive one, with the majority of the world's wine being produced by a handful of countries. Over 80% of the world's wine is produced by just five countries: Italy, France, Spain, the United States, and Chile. This leaves little room for new producers to enter the market.
However, the wine industry is changing, and one of the driving forces behind this change is the use of blockchain technology.
The Evinco Winery DAO is a new approach to joining the wine industry. The Evinco Winery DAO is designed to allow anyone to have community stake and decision imputes in a wine company with fully functional winemaking facilities and vineyards based in Napa Valley. All this is regardless of their wine industry experience or location.
The use of blockchain technology through NFTs enabled the Evinco Winery DAO to establish a community of wine and web3 enthusiasts, who are now able to get involved in the wine industry through a new, more democratic model.
What is the Evinco Winery DAO
Founded by Mario Roam Sculatti, a winemaker out of Napa Valley with over 120 years of family heritage in the wine world, and Joy Pathak, who is an avid wine and digital art collector, built out and advised on successful web 3.0 projects, Evinco is a first-of-its-kind Web3.0 winery.
The Evinco Winery DAO is a community of like-minded wine and web3 enthusiasts looking to share the world of wine with those they love. Evinco Winery DAO provides a shared community experience with a high level of utility through the platform, such as the platform's real-world assets in Napa Valley.
Evinco Winery DAO is built on the blockchain with NFTs(non-fungible tokens) representing the membership pass and governance token. The use of NFTs allows people to get exposure to wineries on the blockchain, which opens up investment in the Evinco Winery DAO to a broader pool of people.
Through its use of blockchain technology, the Evinco Winery DAO can democratize the running of the winery as new DAO members can vote on various directions the winery can take to grow.
With 7,200 people in the project's Discord and over 1,350 NFTs minted, Evinco Winery DAO has already raised over $500,000 from its community in wine and NFT purchases.
How the DAO Operates
Through the use of NFTs, Evinco Winery DAO creates an avenue for anyone to invest in a piece of the winery. The NFTs are stored on the blockchain and give their owners a say in how the Evinco Winery DAO is run.
In addition to granting NFT owners a voice in how the winery is operated, these NFT holders also get access to exclusive wine-tasting events, not to mention a private discord for wine enthusiasts to connect.
Also, although the DAO is based in Napa Valley, CA, Evinco NFT holders will still have VIP access to exclusive events in other regions, such as France and Argentina, where Evinco operates from.
In addition to the perks mentioned above, Evinco NFT holders also get exclusive access to discounted prices on wine from the platform's wine library. In addition, the NFTs also comes with an allocation of 2 wine bottles from the winery.
In terms of governance, the winery is run 100% by the community. NFT holders can submit proposals, and the community gets to vote and implement the proposal. This lowers the barrier to entry for new members as they don't need to have any prior experience in the wine industry.
Conclusion
Evinco Winery DAO is changing how we invest in and connect with the wine industry. As mentioned, the global wine industry is a $400 billion industry with high barriers to entry. New investors in the wine industry are required to have a significant amount of money and experience.
The Evinco Winery DAO is designed to allow anyone to get involved in the wine industry, regardless of their experience or location. This is made possible through the use of blockchain technology which fractionalizes assets and enables investors to vote on how to manage the Evinco Winery DAO.
The Evinco Winery DAO is still in its early stages with a lot of growth potential. The team is planning new features and additions. Add that to the decades worth of experience the team has in the wine as well as Web3 industry, and you have a recipe for what might become the most successful wine-based NFT project in history.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
