Penfolds has become the first wine to partner with BlockBar, a marketplace for luxury wine and spirits products, to launch a limited edition NFT tied to a rare Penfolds Magill Cellar 3 barrel of wine made from vintage 2021 and available for purchase for US$130,000 (roughly AU$180,000).
The digital token corresponds to this limited-edition Magill Cellar 3 barrel, which is currently maturing.
The single barrel NFT will be converted into 300 bottle NFTs at the date of bottling of the wine in October 2022 and the whole process will be verifiable through the blockchain, each bottle being identified with a barrel and bottle number.
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 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.
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 an opportunity to engage in a selection of special experiences in October 2022 including;
“We are proud to partner with BlockBar to release our Penfolds Magill Cellar 3 NFT,” Penfolds Chief Marketing Officer Kristy Keyte said.
“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 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.”
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 for purchase at USD$130,000 via Ethereum (ETH), credit card, or wire transfer only.
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