Costaflores is the winery which actually launched its own cryptocurrency on 6th May. The cryptocurrency is based on the production by the winery. It directly represents the number of bottles which are produced by the winery.
The cost price of the portal is around € 3.55. The tokens can be directly exchanged for a single bottle of wine. The type of wine for which the tokens can be exchanged includes Malbec, Petit Verdot, Cabernet Sauvignon.
July 2018, will be the month from when the winery will allow the exchange of tokens for the purchase of wine. The wine, however, will only be ready by 2021. Either, people can think about what buying wine with the tokens or they can directly start trading the tokens when the price of the tokens actually moves up.
There is also a planned round 2 of the token sale which will actually take place in 2019. Thereafter, the process will repeat itself.
According to Barrow, with the help of cryptocurrency, they want to actually create a marketplace for wine. Also, since the wine will be directly sold by the winery, the quality of the wine will also be on the higher side.
While the number of wineries who are actually exploring the usage of cryptocurrencies is increasing but this is the 1st winery which has launched its own cryptocurrency. This clearly indicates that businesses across various spectrums are trying to make use of the blockchain technology as well as cryptocurrencies in order to grow their business to the next level.
It will be interesting to see whether users actually buy the tokens in order to buy wine. Also, it clearly indicates that the tokens will be backed by real-world assets that are the wine bottle. This is the reason why the value of the tokens will be on the higher side as compared to just any other cryptocurrency. Moreover, exchanging them for the wine bottle is also possible. As a result, the tokens surely hold a certain value and therefore will be able to provide greater security to the holders as compared to any other normal cryptocurrency.
Owing to this very reason, it remains to be seen whether the holders will be willing to hold the tokens for a longer period of time or whether they will just sell out the tokens at the slightest profit. If indeed, the cryptocurrency holders are holding the tokens for a longer period of time, other companies might follow suit as well.
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