Penfolds, an Australian winery, is releasing one of their rare wine selections as an NFT. The company recently collaborated with BlockBar, an NFT marketplace for luxury spirits and wine, for the impending launch, which will take place later this month.
The magenta wine, produced at Penfolds’ oldest cellar in Magill, South Australia, has dark crimson fruits and sweet spices, as well as notes of cedar, briar, and cardamom. A single barrel will yield 300 bottles, each of which will be recognized by the barrel and bottle number. In addition, the blockchain will be used to verify the entire bottling process. They will not be bottled until October 2022, according to a winemaker from Penfolds, thus buyers of the NFT will keep a receipt of authenticity and ownership of the wine bottles, which may be traded or transferred on the BlockBar platform. The NFT can be exchanged for a tangible bottle once the wine is bottled and delivered the year after, in October 2023. Penfolds Chief Marketing Officer Kristy Keyte remarked, “This is our first venture in selling wines with cryptocurrencies and NFTs, by allowing us to interact and establish relationships with new collectors, who buy and trade fine wine in a whole new and refreshing way. From the 2021 vintage, the wine itself from Magill Cellar 3 is not for sale to the general public, making it a collector’s item.” Buyers will also receive a barrel head as part of the NFT experience, as well as special engagements such as a vineyard tour, a chance to spend a day in the life of Penfolds winemaker, and a private wine tasting event in the Magill cellar. Last November 24, the Penfolds NFT will be available for purchase for $130,000 USD by ETH coins, wire transfer, and credit card. 30 minutes before the launch, a lobby for the chance to buy the NFT will start on the BlockBar’s website. To be admitted, potential buyers must have at least one ETH in their wallets.