Yao Ming + NFT + Wine = Disruption
How Yao Family Wines, a series of NFTs, and a limited run of premium wine may change the wine industry for good.
In 2016, I explained to a group of wine traders/investors about what a “smart contract” was going to do for the wine business. I described how a bottle of wine will become more valuable with a digital twin (a non-fungible token) and how ethereum based smart contracts layered under an NFT using a blockchain solution was going to disrupt the business;
Provenance, trust and value would all increase and the fraudulent side of the wine business would take a major hit.
The group shook my hand and told me I was crazy, and that was it.
Then, in 2021, NFTs exploded and every intellectual property jumped in to create their own NFT, platform, token, blockchain, you name it. In 90 days the NFT boom looked exactly like the dotcom boom. With a bust soon to come.
The NFT FOMO was a creation generated by the facade of pumped up promises from “market makers” who created private chains with the sole purpose to drive up their token value and use NFTs to generate interest. It was the ICO hype of 2017 and the dotcom boom of 2000 that borrowed intellectual property from some of the biggest brands in the world (legally and illegally). The spike in interest poured into all demographics from Gen Z to Gen X trying to figure out how to “score” in the NFT gold rush.
Like the internet growth after 2001, when the dust settled and real companies like Google, Facebook and others took advantage of the void, the same will happen for blockchain companies. The NFT bust will perpetuate the growth of blockchain platforms and NFTs because real value will require digital provenance, trust and transparency.
Back to wine. Bill Sanders, a human IP expert who works with the world’s greatest athletes on the planet, was looking for a way to utilize the expansive growth of blockchain and NFTs while maintaining integrity for his clients and IP. Bill introduced our team to a premiere Napa Valley winery, Yao Family Wines, and put together a way to help shape the future of the wine business.
Working with global NBA Hall of Fame legend Yao Ming paired with an iconic wine, we were able to take a first step into the promising future of wine technology using blockchain and NFTs.
“The Chop Drop” includes 4 Unique NFTs and a rare, one of a kind, NFT for bottle number 11 (Yao Ming’s number) have been created and paired with a physical bottle of wine and a certificate of authenticity signed by Yao Ming. The buyer is given a choice to either have the bottle sent to them or have it stored in a premium cellar in Napa Valley. Furthermore, the drop allowed Yao Family Wines to make a contribution to the #StopAsianHate movement by donating 10% of proceeds to worthy causes in the Chinese American community listed below.
What makes this disruptive is that the wine industry can use this model for all future launches. Meaning, every premium bottle of wine should have an NFT digital twin created to ensure provenance and legitimacy. Especially for collectors who can track historic value, view asset transfers and trusted value and provenance.
The idea of having high profile IP, celebrities and influencers deliver the next generation of wines has to include a blockchain strategy. The wine business will use the blockchain to establish trust of brand, ingredient and manufacturing provenance and bring a new world of collectors.
About The GFT™ Exchange
The GFT™ Exchange delivers NFTs that are Authentic Digital Collectibles™ powered by Blockchain technology. The NFTs introduce a revolutionary way for IP owners to deliver a unique and trusted digital asset that has value for the everyday consumer. GFTs™ platform enables IP partners, brands, distribution partners and marketplaces to mint, distribute and reconcile trusted, individually identifiable digital assets to customers. Through a private/public blockchain hybrid approach and an IP alliance (called the GFT™ Alliance), the GFT™ Exchange enables protection for IP owners and consumers when it comes to provenance, asset security, and secure financial reconciliations.
About Yao Family Wines
Yao Family Wines was founded in 2011 by retired NBA and China Basketball Association star Yao Ming. The Napa Valley winery released its first wines in 2011 to critical acclaim. Each year since inception, Yao Family Wines releases have received 90+ point scores from some of the world’s most respected wine critics, including Robert Parker’s The Wine Advocate, who wrote “The former basketball star’s initial release immediately establishes itself among the elite Cabernets of Napa Valley.”
About the Charity Partners:
Asian Health Services (Oakland, CA)
Asian Health Services is a community health center that has been serving Alameda County’s most vulnerable children, families and elders since 1974. Serving over 50,000 patients, AHS provides medical, dental and behavioral health services in over 14 Asian languages, regardless of income, insurance status, immigration status, language, or culture. Funds from this initiative will help provide COVID-19 immunizations to at risk and low-income members of our community. https://asianhealthservices.org/
Chinatown Community Development Center (San Francisco, CA)
The mission of the Chinatown Community Development Center is to build community and enhance the quality of life for San Francisco residents. We are a community development organization serving the San Francisco Chinatown neighborhood and surrounding areas. Funds from the Yao Family Wines initiative will go to our Feed+Fuel Chinatown program, which addresses food insecurity in our community. https://www.chinatowncdc.org/
Chinese American Museum (Washington DC)
The Chinese American Museum in Washington, DC (CAMDC) is a bold undertaking, currently underway, to establish the first and only museum in our nation’s capital dedicated to the Chinese American story. Our mission is to advance the understanding and appreciation of the Chinese American experience, by highlighting the history, culture, spirit, and contributions of Chinese Americans to our nation and beyond. Funds from the Yao Family Wines initiative will help support the new museum and its programs. https://www.ChineseAmericanMuseum.org
Lucky Chow (New York, NY)
Lucky Chow is a 501(c)3 whose mission is to raise awareness of Asian voices in America through the lens of food and drink via the award-winning PBS Series Lucky Chow hosted by Danielle Chang. Lucky Chow explores the impact of Asian cuisine on a global scale through conversations with everyone from culinary misfits to masters. Funds from the Yao Family Wines initiative will help support production of the upcoming season of Lucky Chow. https://luckychow.org/
Museum of Chinese in America (New York, NY)
Since its founding in 1980, the Museum of Chinese in America (MOCA) has celebrated the living history of the Chinese experience in America by preserving and presenting the 200-year history, heritage, culture, and diverse experiences of American communities of Chinese descent. Founded as a community-based organization, MOCA has over a period of four decades maintained our community centrality while gaining a national following of visitors and members. Funds from the Yao Family Wines initiative will help fund MOCA’s new permanent home in downtown Manhattan. https://www.mocanyc.org
