The latest six-figure NFT on the market? A barrel of Penfolds wine

By November 21, 2021NFT
Click here to view original web page at www.gq.com.au

Image: courtesy of Penfolds

Finally, an NFT boomers can get behind.

We're going to hazard a guess here and assume that a lot of the people reading this article would say their knowledge of NFTs begins and ends with the fact that it largely constitutes the sale of art. In this form, the idea of buying pieces of online art in the form of non-fungible tokens, rubber-stamped as the original version by the creator itself, makes a lot of sense. Where the scene starts to get a little more murky, however, is when brands start to make NFTs out of things that can be used and consumed beyond the simple realm of visual or audible art—something they're doing at an increasing rate.

In recent months, we've seen just about every luxury consumer product turned into an NFT at some point as brands clamour to make their mark in a market that, despite speculation that it's yet another bubble, just doesn't seem to be going away. And now, even one of Australia's oldest legacy brands is getting involved in the form of Penfolds, who have launched a new venture selling a barrel of its Magill Estate Cabernet Sauvignon Shiraz — widely regarded as one of Australia's most collectible wines — as an NFT.

While this may initially sound ridiculous, rest assured that the presumptive buyer of said NFT will indeed one day be able to get their hands on some real-life wine for their hard earned money. You'd hope so, given the token is being sold for $130,000 USD. This Token will then be able to be exchanged for a full barrel of Magill Estate: a wine that's not going up for public sale. The wine will be bottled by Penfolds in October 2022, prior to the owner taking collection a year later, with each of the 300 bottles verified and listed on the blockchain.

“This is our first venture selling wines via NFT and cryptocurrency, allowing us to connect and build relationships with new collectors, who buy and trade luxury wine in a completely new and refreshing way,” said Kristy Keyte, Penfolds Chief Marketing Officer. “The wine itself, Magill Cellar 3 from the 2021 vintage, is not available for public purchase making it the ultimate collector’s item.”

In the meantime, buyers of the NFT will retain a receipt of ownership and authenticity of the wine bottles and can be resold or transferred, and the owner of the token will also receive an exclusive invite to Penfolds' Magill Estate cellar door to taste their new drop.

All of this will take place on the Blockbar platform: a new NFT marketplace dedicated entirely to rare wines and spirits, with the token set to go on sale on November 24. Prospective buyers must have at least one ETH in their wallet to be admitted for the chance to buy it, and can pay in Ethereum, credit card, or by wire transfer. You can find out more at Penfolds' website.

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