Penfolds has become the first wine brand to partner with leading NFT marketplace BlockBar. The Australian wine giant has launched a limited edition NFT tied to its rare Magill Cellar 3 barrel of wine, made from the 2021 vintage, available for purchase for $130,000.
The single barrel NFT will be converted into 300 bottle NFTs at the date of bottling the wine in October 2022 with each bottle being identified with both a barrel and bottle number.
“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,” commented Penfolds’ chief marketing officer, Kristy Keyte. “The wine itself, Magill Cellar 3 from the 2021 vintage, is not available for public purchase making it the ultimate collector’s item.”
The NFT serves 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, however, be redeemed by the purchaser for the physical bottle after the date of release of the wine in October 2023.
Additionally, the owner of the barrel NFT at the time of bottling in October 2022 will receive a personalised keepsake barrel head and an opportunity to take part in a selection of special experiences in October 2022 including; a private wine tasting in Magill Cellar 3 (Penfolds Magill Estate Winery South Australia); a vineyard tour, with regular video updates and imagery from the winemakers; a virtual tasting and visit to Penfolds for a “day in the life” of a winemaker experience.
“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.”
For more information, head over to BlockBar’s official website.
In March, Penfolds unveiled their first Collection of California Wines that extol an other worldliness and something special.