Penfolds winery partners BlockBar to launch first NFT wine

Upon purchase, the buyer will own an NFT tied to a rare wine which will convert into 300 x 750ml bottle NFTs

Penfolds, one of the world’s most respected winemakers, has launched a limited edition NFT tied to a rare Penfolds Magill Cellar 3 barrel of wine.

The wine is made from vintage 2021 and is available for purchase for $130,000 USD.

The digital token corresponds to this limited-edition Magill Cellar 3 barrel currently maturing this special wine.

The single barrel NFT would 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.

The NFT would serve as a digital receipt that verifies the buyer’s ownership and authenticity of the wine bottles through blockchain technology.

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.

Private wine tasting included

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 personalised keepsake barrel head and an opportunity to engage in a selection of special experiences including a private wine tasting, a vineyard tour, and a virtual tasting and visit to Penfolds Magill Estate Winery, South Australia for a ‘day in the life’ of a Penfolds winemaker experience.

Penfolds Chief Marketing Officer, Kristy Keyte said this was the company’s first venture into selling wines via NFT and cryptocurrency, allowing it to “connect and build relationships with new collectors, who buy and trade luxury wine in a completely new and refreshing way”.

Dov Falic, CEO of BlockBar added: “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.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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