The steady increase in popularity surrounding Web3, NFT and Blockchain continues to attract spirits and wine brands as they release limited products in 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 minters and holders investing in their wines virtually and physically.
Evinco’s founder is a cryptocurrency expert known anonymously online as @wizardofsoho who teamed up with fourth generation Napa winemaker, Mario Sculatti. The duo says the aim of Evinco Winery Dao is to bring people together under a common goal, regardless of socio-economic status, while disrupting the wine industry with a membership club that allows members to feel like a collector or owner, rather than just a consumer, as they can trade on the open market and have perks to contribute to the winery’s future and development.
The Web3 winery launched last week with a collection of 5,555 utility-backed NFTs on the Ethereum blockchain through OpenSea. Once a minter purchases an Evinco Winery DAO (priced at 0.3 ETH, or about $400 per dollar equivalent at time of writing), they receive two bottles of 2013 vintages to start their immediate, physical collection, with their number, doubling as their position in the DAO, recorded on the back label of the bottle.
“Because every NFT owner is a position in the DAO, then they’re spot in the DAO is transferable which isn’t possible in any other wine club anywhere in the world at the moment,” explains Sculatti.
This inaugural genesis will exist as the highest tier in membership at the winery, which founding members can keep and watch the value grow as Evinco Winery DAO expands. As with collectibles, the more time that passes, the more value these memberships will hold. The duo emphasizes that members hold the power to trade these mints in and profit from their value, unlike contemporary wine clubs that may require a wait time to join, of which, when members leave, they don’t gain anything from the years they were a part of it.
In addition to their first allocation of wine, minters gain governance rights, access to purchase wine from the evolving library, as well as in-person tastings at the Calistoga tasting room, virtual tastings and online educational wine insights. “We want to empower our community and at the same time build out the foremost Web3 food and wine brand that will be recognizable worldwide,” says @wizardofsoho on the long-term goal of Evinco Winery.
Sculatti adds that the potential value beyond decentralization in the market lies in provenance, which for any rare-item collector knows is not always easy to prove. “Traceability does not exist in the wine world at the moment; the best you can do is have receipts or auction house documentation, and those are all valuable – but we see how this can become useful to humankind for provenance sake.”
As Evinco Winery continues to sell its first-round of mints, the duo are acknowledging how far they’ve already come to launch: “The greatest part about launching Evinco Winery DAO is that we had already built the amazing Tasting Lounge and VIP Cellar as locations that could serve to showcase a variety of wine brands that I as a winemaker had already established,” says Sculatti, before also broaching the tough subject that while Evinco and the growing member community may believe in the future of Web3, there’s a whole skeptical audience out there.
“The big question is: How long will it take for folks around the world to embrace all the great utilities that are possible with Web3 and Blockchain?” he concludes.