Penfolds has partnered with a NFT marketplace for luxury alcohol products, BlockBar, to launch its first limited-edition NFT product tied to an upcoming Magill Cellar 3 vintage.
For USD$130,000 one customer will be able to purchase the barrel’s NFT, which will be tied to a further 300 NFTs corresponding to individual bottles. The customer will then be able to sell on or transfer the individual bottle NFT’s through the BlockBar platform.
The owner of the barrel NFT will also receive a personalised keepsake barrel head, and the opportunity to enjoy a private wine tasting in Magill Cellar 3, a vineyard tour, and a ‘day in the life’ experience of one of Penfolds’ winemakers.
“This is our first venture selling wines via NFT and cryptocurrency, allowing us to connect and build relationships with 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 NFT will go on sale on November 24 through a luck-of-the-draw lobby system, wherein prospective buyers can enter a lobby in the lead up to the launch, and one person, picked at random from those present, will be given the opportunity to purchase the Barrel – by Ethereum, credit card or wire transfer.