Australian winemaker Penfolds has teamed up with BlockBar, a leading non-fungible token (NFT) marketplace for luxury beverages, to sell an NFT tied to a rare barrel of vintage wine.
The digital token corresponds to a limited-edition barrel of wine made from vintage 2021, which is currently maturing.
From the customers who sign up for the sale, one will be given the opportunity to buy the Penfolds Barrel NFT for $130,000 either by credit card, wire transfer, or with ethereum.
The date for bottling the wine is set for October 2022, when the single barrel NFT will be converted into 300 bottle NFTs. The process will be verifiable via the blockchain, with each bottle receiving a unique barrel and bottle number.
While Penfolds has said the barrel NFT can be resold or transferred through the BlockBar platform, it cannot be redeemed by the buyer. The bottle NFTs, however, can be redeemed for a physical bottle after the wine is released in October 2023.
At the time of bottling, the owner of the barrel NFT will be given a personalised keepsake barrel head and will be invited to a private wine tasting at Penfolds Magill Estate Winery in South Australia, a vineyard tour, or alternatively, a virtual tasting and tour.
