The steady rise in popularity surrounding Web3, NFT and Blockchain continues to attract spirits and wine brands as they launch limited products into the digital space, but Evinco Winery DAO is on a mission to do more than produce a one-time purchase of limited-edition NFTs. . As the world’s first Web3 winery, Evinco is a membership club of coiners and holders who invest virtually and physically in their wines.
Evinco’s founder is a cryptocurrency expert known anonymously online as @wizardofsoho who partnered with fourth-generation Napa winemaker Mario Sculatti. The duo say the goal of Evinco Winery Dao is to bring people together around a common goal, regardless of their socio-economic status, while disrupting the wine industry with a membership club that empowers members to feel like a collector or owner, rather than just a consumer, as they can trade in the open market and have benefits to contribute to the future and development of the winery.
The Web3 vault launched last week with a collection of 5,555 utility-backed NFTs on the Ethereum blockchain via OpenSea. Once a coiner purchases an Evinco Winery DAO (priced at 0.3 ETH, or approximately $400 dollar equivalent at the time of writing), they receive two bottles of 2013 vintages to begin their immediate physical collection, with their number, doubling their position in the DAO, written on the back label of the bottle.
“Because every NFT owner is a position in the DAO, then their place in the DAO is transferable, which is not possible in any other wine club anywhere in the world at this time,” says Sculatti.
This inaugural genesis will exist as the highest level of winery membership, which founding members can retain and see the value grow as Evinco Winery DAO grows. As with collectibles, the more time passes, the more valuable these memberships will be. The duo point out that members hold the power to redeem these mints and profit from their value, unlike contemporary wine clubs which may require a wait time to join, from which, when members leave, they gain nothing from the years they were a part of it.
In addition to their first allotment of wine, coiners gain governance rights, access to purchase wine in the Growing Library, as well as in-person tastings in the Calistoga Tasting Room, virtual tastings, and information online education on wine. “We want to empower our community and at the same time create the first Web3 food and wine brand that will be recognizable around the world,” says @wizardofsoho of Evinco Winery’s long-term goal.
Sculatti adds that the potential value beyond decentralization in the market lies in provenance, which for any collector of rare objects is not always easy to prove. “Traceability does not exist in the world of wine at the moment; the best you can do is have receipts or paperwork from the auction house, and those are all valuable – but we see how it can come in handy to mankind for provenance sake .
As Evinco Winery continues to sell its first series of mints, the duo recognize how far they’ve come to launch already: “The biggest part of launching Evinco Winery DAO is that we had already built the amazing tasting lounge and the VIP cellar as locations that could be used to showcase a variety of wine brands that I had already established as a winemaker,” says Sculatti, before also touching on the difficult topic according to which while Evinco and the growing community of members may believe in the future of Web3, there is quite a skeptical public out there.
“The big question is, how long will it take people around the world to adopt all the great utilities possible with Web3 and Blockchain?” he concludes.