Listen to Helena’s chat with Paolo Sforza above.
Crurated is a forward-thinking company that has captured our attention since launching in the spring of 2021. The first of their kind, they’re a membership-based community of fine wine lovers and collectors, where NFT and blockchain technology is used to ensure security, authenticity and provenance.
Some of the most highly rated producers in the world are on board, and members can enjoy a range of benefits but at the centre of it all is Crurated’s fractional barrel offering. If any of this sounds a bit confusing at first, don’t worry because it’s actually very simple. Let us explain!
What are fractional barrel offerings?
First up, Crurated are the first membership-based wine company to use fractional barrel offerings using blockchain and NFT technology. Whilst the tech might be new, the concept itself is actually very traditional. For many years in France, wine lovers have teamed up to buy and share a barrel, so this is simply a rejuvenation of an old tradition in a modern way.
Prestigious barrel offerings from some of the finest producers in Burgundy, Piedmont, Tuscany and beyond go live on the website, and members can bid for the litres that they want. Then, when the time comes to bottle, the members pick which size of bottle they would like, and the wine is stored in Crurated’s warehouse in Burgundy for as long as they like.
Producers know exactly how many bottles of each size to produce, and consumers can pick whatever size they want, including much larger bottles that are usually extremely rare or even unavailable altogether. Win-win!
Absolutely anyone (providing they’re of legal age of course) can sign up, making fine wine accessible to everyone. This hasn’t always been the case as the fine wine community can be quite insular, complicated and generally difficult to break into as an outsider. For many high-end allocations, it can even be impossible to get the opportunity to buy some.
What is blockchain and NFT technology?
You might have heard of blockchain technology in connection with cryptocurrencies like Bitcoin. In a nutshell, the blockchain is a decentralised network that facilitates the process of making transactions and tracking assets - a digital ledger of sorts. All the information stays entirely within the network and crucially, the data cannot be edited retroactively.
An NFT is a more recent innovation and it stands for non-fungible token. These tokens are used to purchase digital assets, then the blockchain technology is used to assign and claim ownerships of these. In short, it’s a secure contract that says you own the digital asset, which in the case of Crurated, is also linked to a real asset: the wine. So, if you own the NFT, you own the bottle. This isn’t the same for all NFTs by the way; sometimes you really do just own a cartoon picture online and nothing in the ‘real world’.
Safe to say it’s a complicated area, but the brains behind Crurated know a lot more than us and are putting it to good use! But how?
How does Crurated use blockchain and NFT technology?
In the world of fine wine, there are conventionally a lot of middlemen and hoops to jump through. Everyone takes their cut, there can be questions over provenance and care taken over the wine at each stage. All in all, getting your hands on a reputable new release is very complicated.
Crurated remove those barriers to entry, democratising the distribution of fine wine. Anyone can sign up and despite the sound of the technology used, the process is user friendly and very easy to navigate.
The blockchain and NFT involvement means transparency and authenticity at every stage. Think of it as a digital contract; a modern way to keep track of orders, accounts and contracts, where every bottle is tracked directly from the producer to storage, and absolutely everything is recorded so that you are assured of your bottle’s authenticity. Provenance is one of the most important concepts in the fine wine market, and refers to whether the wine really was made by the producer on the label as well as what kind of storage the wine has been kept in.
With everything being so specifically tracked and checked, there can be no doubts over any of this. The final stop for the wine is the warehouse in Burgundy, which is fully insured and kept in optimal condition so members can enjoy peace of mind until the time comes to ship it. It’s fine wine being treated as fine wine should, which is not always the case!
How do you become a Crurated member?
Signing up is simple via the Crurated website. Currently, there are four different memberships, starting from free explorer options and increasing to various levels of paid membership. These come with additional benefits like being able to store hundreds more bottles, access to rare vintages, invitation-only events and bespoke service. Once your account is up and running, you can take advantage of all the great information and materials available and start bidding on any barrels that take your fancy.
What else can members get access to?
Crurated is about more than transactions. They have recently launched experiences, where members can visit the vineyards of top producers, have dinner with them and discover more about the products they love. This enables producers to communicate directly with their top clients to find out what people love about their products and offers members a uniquely tangible connection to the wine they’re involved with.
The producers involved are already wide-ranging across Italy and France, and the network is consistently expanding. It’s also worth mentioning that at events like these, it is clear how the ‘old boys club’ image of fine wine is something Crurated are changing.
There is a diverse membership base, with more younger people and women attending and signing up. This trend is mirrored in the workforce too, with a 50/50 male and female split and full-remote working enabling people from all over the world to build the Crurated community.
The other really cool feature on offer is personalised labelling. Many of the producers allow custom labelling for specific and special occasions, which is something you just don’t see from high-end producers. Once your bid is accepted and your NFT is secure, you’ll often have the option to put whatever you want on the label, making that special bottle of wine even more special.
Crurated has an active social media presence showing what their winemakers do, what the events they run are like and keeping members up to date with new features, offerings and opportunities. Even if you don’t sign up, it’s also a great way to stay up to date with all things fine wine!
Instagram – @cruratedofficial
Facebook – @crurated
YouTube - CRURATED
What kind of barrel offerings does Crurated have available?
Crurated tends to focus on a different barrel each week, so here are the offerings for the remainder of 2022:
Domaine Gerorges Mugneret-Gibourg — November 7-13
Vosne-Romanée “La Colombière" 2021
Chambolle-Musigny 1er Cru “Les Feusselottes” Cuvée Augustin 2021
Ruchottes-Chambertin Grand Cru 2021
Domaine Pierre Girardin — November 14-20
Échezeaux Grand Cru 2021
Bonnes-Mares Grand Cru 2021
Griotte-Chambertin Grand Cru 2021
Richebourg Grand Cru 2021
Montevertine — November 21-27
Le Pergole Torte 2020
Domaine Y. Clerget — December 5-11
Clos de Vougeot Grand Cru 2021
Volnay 1er Cru Clos du Verseuil 2021
Pommard 1er Cru Les Rugiens 2021
Domaine Hubert Lignier — December 12-18
Clos de la Roche Grand Cru Bio 2021
Morey Saint-Denis 1er Cru Vieilles Vignes Bio 2021
Morey-Saint-Denis Trilogie Bio 2021
Bourgogne Pinot Noir Grand Chaliot 2021
Domaine Bruno Colin — December 19-25
Corton-Charlemagne Grand Cru 2021