Fanfire partners with Strauss & Co to make Africa’s first NFT wine auction possible

The benefits of using NFTs

Fine wine NFTs are a new and exciting technology in which digital tokens act as a certificate of ownership for the wines. There are several advantages:

  • Once the asset linked to the NFT (e.g. a bottle of wine) is consumed or released from storage, the NFT is completely removed.
  • The NFT authenticates and stamps one specific bottle or case along every stage of its processing, from vine to bottle. The NFT contains all the information about the wine, including the name, vintage, and location in the cellar.
  • Blockchain and cryptocurrency wallets are public, so any previous ownership of a bottle or case bought through an NFT is entirely transparent.

Why Strauss & Co Wine Auction chose Fanfire

Experts in developing bespoke solutions for clients, Fanfire’s knowledge of cryptographic tokens, web wallets, fractionalised ownership, and loyalty economies made them the ideal partner for the Strauss & Co Wine Auction.

From barrels and bottles to blockchain and bitcoin

Fanfire prefers using the Polygon network. “It’s faster, and we find it more suited to quick-fire trade,” says Van Rooyen. “This was ideal for the auction.”

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Fanfire

Fanfire

You need a Web3 partner who understands your brand, your cause, your business. We are your trusted enterprise Web3 solutions company. www.fanfire.ai