Penfolds To Release Rare Wine NFT on BlockBar
Leading Australian winemaker Penfolds has launched a limited edition NFT tied to a rare Penfolds Magill Cellar 3 wine barrel.
The company has partnered with BlockBar, an NFT marketplace for luxury wine and spirits, for the release. The wine comes from the 2021 vintage and is available for purchase for $130,000 USD.
“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 wine itself, Magill Cellar 3 from the 2021 vintage, is not available for public purchase making it the ultimate collector’s item.”
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 piece being identified with a barrel and bottle number.
“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 BlockBar CEO Dov Falic.
“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.”
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.
As part of this program, the owner of the barrel NFT at the time of bottling in October 2022 will receive a personalized keepsake barrel head and a selection of special experiences including a private wine tasting, a vineyard tour, and a virtual tasting and visit to Penfolds Magill Estate Winery.
The first Penfolds Barrel NFT will launch on November 24, 2021, at 9 am EST. A lobby will become available on BlockBar 30 minutes ahead of the launch. Please note that to enter, prospective buyers must have one ETH in their wallet.
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