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World renowned winemaker Penfolds offers an NFT for a $ 130,000 wine barrel



Penfolds is one of the most famous winemakers in the world. Now the company has launched its own limited NFT edition for a rare wine barrel. It is the vintage Magill Cellar 3 , a barrel from which is offered for 130,000 US dollars. The NFT also corresponds to a whole barrel of Magill Cellar 3, in which the special wine matures. Penfolds' first NFT will hit the market on November 24th at 3pm CET.

When the wine is bottled in autumn 2022, one NFT from each individual barrel will be transformed into 300 new NFTs from each bottle. The blockchain will make it possible to verify the entire process. Each piece is marked with a barrel and bottle number.

NFT serves as a digital receipt

The NFT is used to prove both the ownership and the authenticity of the wine bottles. The owner can resell or transfer the wine barrel NFT through the BlockBar platform. However, it cannot be redeemed until October 2023, when the wine is released. BlockBar will keep each bottle in a limited edition gift box at its facility until the buyer makes use of their NFT.

The NFT is redeemed when the buyer picks up the bottle on site or has it shipped. But that is only possible when the wine hits the market. Plus, buyers can tour the vineyard, enjoy a private wine tasting, and more.

As part of this offer, the buyer of the NFT will receive a personal keg head as a souvenir at the time of bottling in October 2022. The winery also advertises a number of special extras. This includes a tour of the vineyard, a private wine tasting or, alternatively, a virtual tasting. to experience a "day in the life" of a Penfolds winemaker. To this end, the buyer will visit Penfolds Magill Estate Winery in South Australia.

Penfolds makes his first experiences in the crypto world

This is the first attempt of Penfolds wine with the help of NFTs and crypto currency to sell. According to Chief Marketing Officer Kristy Keyte, this will allow the company to connect and build relationships with new collectors who buy and trade luxury wines in "an entirely new and refreshing way".

Dov Falic, CEO of BlockBar, commented:

The use case of authentication with blockchain technology is paramount to the industry - with BlockBar, consumers know they are buying authentic wine, straight from the brand owner.

About Penfolds

Penfolds is an Australian winemaker founded in Adelaide in 1844 by Christopher Rawson Penfold, an English doctor who emigrated to Australia, and his wife Mary Penfold. It is one of Australia's oldest wineries and is currently owned by Treasury Wine Estates.

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