By Corina Tan
Penfolds has become the first wine maker to partner with BlockBar to launch a limited edition NFT tied to its rare Magill Cellar 3 barrel of wine made from vintage 2021 and available for purchase for $130,000 USD. BlockBar is a leading non-fungible token (NFT) marketplace for luxury wine and spirits.
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The single barrel of this rare wine will be transferred to 300 bottle NFTs with each bottle being identified with both a barrel and a bottle number. The entire process is verifiable through the blockchain, and the NFT serves as a digital receipt that verifies the buyer’s ownership and the authenticity of the wine bottles.
Each unique bottle will be stored in limited edition gift boxes at BlockBar’s facility, until the buyer decides to either sell, transfer or redeem the bottle NFT by collecting the physical bottle any time after October 2023 when the wine is released. The barrel NFT however can only be sold or transferred, but not redeemed. Every owner of the barrel NFT will receive a personalized keepsake barrel head and opportunities to engage in a private wine tasting, a vineyard tour, a virtual tasting and a visit to Penfolds Magill Estate Winery in South Australia to experience ‘a day in the life’ of a Penfolds winemaker.
Penfolds’ chief marketing officer, Kristy Keyte commented on the partnership: “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. The wine itself, Magill Cellar 3 from the 2021 vintage, is not available for public purchase making it the ultimate collector’s item.”
“We’re excited to be a part of this innovative milestone for both Penfolds launching its first NFT, and BlockBar launching its first wine brand on the platform” said Dov Falic, CEO of BlockBar. “We believe the use case for authentication with blockchain technology is of utmost importance for the industry – with BlockBar consumers know they are buying authentic wine, direct from the brand owner.”
The first Penfolds Barrel NFT will launch on November 24, 2021 at 9am EST. A lobby will become available on BlockBar.com 30 minutes ahead of the launch, whereby to enter, prospective buyers must have one ETH in their metamask wallet. The lobby will close at the launch time where one will be randomly presented with the opportunity to purchase the Penfolds Barrel NFT at USD$130,000 via Ethereum (ETH), credit card, or wire transfer only.