World-renowned winemaker Penfolds launches NFT of rare barrel worth $130K
Penfolds, one of the best-known winemakers in the world, has launched a limited edition NFT linked to a rare barrel of wine, a Magill Cellar 3. The vintage wine is on sale for $130,000. The NFT corresponds to the Magill Cellar 3 barrel, in which the special wine is maturing. The first Penfolds NFT will be launched on November 24 at 9am EST.
Maturing and bottling verifiable via blockchain
When the wine is bottled in the autumn of 2022, the single barrel NFT will turn into 300 bottle NFTs. The blockchain will make it possible to verify the entire process. Each piece will be identified with a barrel and bottle number.
NFT serves as digital receipt
The NFT will verify ownership and authenticity of the wine bottles by means of the blockchain. The owner can resell or transfer the barrel NFT through the BlockBar platform. However, he may not redeem it before October 2023, when the wine is released. BlockBar will store each bottle in a limited edition gift box at its facility pending redemption by the buyer.
Redemption will occur when the buyer collects the physical bottle. Again, this won’t be possible before the wine is released.
Extras include vineyard tour, private wine tasting, and more
The buyer of the Barrel NFT will get a personalised keepsake barrel head as part of this program at the time of bottling in October 2022. They will also have a series of special opportunities, including a vineyard tour, a private wine tasting, a virtual tasting, and more. The extras will culminate in experiencing a ‘day in the life’ of a Penfolds winemaker. For this purpose, the buyer will visit Penfolds Magill Estate Winery, South Australia.
Penfolds’ first venture into crypto
This is Penfolds’ first attempt to sell wine via NFT and cryptocurrency. According to Chief Marketing Officer Kristy Keyte, this lets the company connect and develop relationships with new collectors, who purchase and trade luxury wine in a “completely new and refreshing way”.
Dov Falic, CEO of BlockBar, commented:
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.
Penfolds is an Australian wine producer that was founded in Adelaide in 1844 by Christopher Rawson Penfold, an English physician who emigrated to Australia, and his wife Mary Penfold. It is one of Australia’s oldest wineries, and is currently part of Treasury Wine Estates.