Penfolds offers new barrel NFT for $US130,000; bottle NFTs to come
Fans of Penfolds wine and the brave new world of non-fungible tokens can now buy a new crypto-asset for $US130,000.
Iconic wine brand Penfolds has burst into the brave new world of non-fungible tokens, launching a $US130,000 NFT related to its limited-edition Magill Cellar 3 barrel.
The NFT, or digital token, will see the Penfolds Magill cellar barrel of wine, made from the 2021 vintage, permanently etched into the blockchain.
NFTs are a digital crypto-asset and have become incredibly popular just in the last 18 months as investors buy and trade the hot asset class, with the ‘non-fungible’ nature of the digital object meaning it is unique or individual.
The NFT market itself is one of the hottest investment markets in the world at the moment with recent auctions of art pieces, games, songs, videos and images totalling more than $US2.5bn for the first six months of 2021 against less than $14m in the first half of 2020.
Now Penfolds wants a piece of that action and has become the first wine brand to partner with BlockBar, one of the world’s leading NFT marketplaces.
The single barrel NFT will be converted into 300 bottle NFTs at the date of bottling of the wine in October 2022 with the whole process verifiable through the blockchain, and each bottle being identified with a barrel and bottle number.
The NFT will serve as a digital receipt that verifies the buyer’s ownership and authenticity of the wine bottles.
The barrel NFT can be resold or transferred through the BlockBar platform but cannot be redeemed by the purchaser.
The bottle NFTs can be resold or transferred through the BlockBar platform by the purchaser and can be redeemed by the purchaser for the physical bottle after the date of release of the wine in October 2023.
Each bottle will be stored in limited edition gift boxes at BlockBar’s facility, until the purchaser decides to redeem the bottle NFT by collecting the physical bottle no earlier than the date of release of the wine in October 2023.
The wine itself, Magill Cellar 3 from the 2021 vintage, is not available for public purchase making it the ultimate collector’s item.
“This is our first venture selling wines via NFT and cryptocurrency, allowing us to connect and build relationships with new collectors, who buy and trade luxury wine in a completely new and refreshing way,” said Penfolds chief marketing officer Kristy Keyte.
The Penfolds NFT can be paid for via Ethereum, credit card or wire transfer.
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