How does the primary drop work?Updated 2 years ago

1. Winery completely onboards with WineChain and provides necessary content to create their winery profile and bottle pages on the platform. The contractual agreement should be signed by both parties.

2. More than 30 days before the date of the drop, the winery needs to decide the 11 parameters of their wiNeFT drop:

*Choose a bottle or case or group of bottles which will be minted

*Choose the number of wiNeFTs to be sold

*Set drop event date in accordance with our calendar which will be filled with one drop event/day. In the future, we may permit two drop events daily. Note: we don’t recommend to do more than one drop every two months of a similar wine of the winery, even if it's a different cuvée.

*Decide if the total number of wiNeFTs will be available to the public (no by default).

-*Note the release date of the wine, i.e. when the wine is available ex-cellar to be shipped to our warehouses.

*Determine the price of the wiNeFT (ex VAT/Sales Tax/shipping or storage costs etc., which will be due by the final owner when wiNeFT is burnt and wine is shipped)

*Set the percentage of future profits which will go to the winery when  secondary transactions occur of the wiNeFT.

*Note geographical shipping restrictions of the wiNeFT embedded in the smart contract. By default all regions serviced by WineChain are available for shipping, but wineries can decide to add specific restrictions which will appear loud and clear to the buyers at the drop.

*Decide if the drop is reserved only to their exclusive list or to all WineChain members. Exclusive lists are authorized accounts registered in WineChain which the winery has decided to grant exclusive access to certain drops.

*Set the maximum number of wiNeFTs per wallet. Winery can set as little as one or as much as they want. By default it will be set to 1% of the number of wiNeFTs available with a minimum of one of course.

*Decide if the unsold NFTs will be automatically listed on the marketplace after the drop event YES/NO (No by default)

3. Five days prior to the drop, the drop will be announced to all WineChain members and more specifically to followers of the winery.

4. One day before the drop, the wiNeFTs will be minted on our platform and added to the winery wallet

5. A drop event lasts 48 hours or until all of the wiNeFTs are sold.