Penfolds has announced it is to launch its second rare wine NFT with direct-to-consumer wines and spirits NFT platform BlockBar.
The second rare release will comprise limited edition NFTs tied to 300 bottles of Penfolds Magill Cellar 3 Cabernet Shiraz from the 2018 vintage.
The release coincides with BlockBar’s newly launched ‘NFT gifting service’, which allows consumers to purchase wine and spirits as NFTs to gift anywhere in the world, without the hassle of shipping, logistics and taxes.
It follows Penfolds’ first BlockBar drop in November 2021, where a barrel of 2021 Magill Cellar 3 sold in under 12 seconds for $130,000.
Penfolds said it was ‘thrilled’ to be working with BlockBar again in 2022 as it launches its NFT gifting service.
‘This is a groundbreaking innovation that will change the way consumers gift luxury wine,’ said chief marketing officer Kristy Keyte.
She added: ’Gifting continues to be one of Penfolds most important purchase occasions, whether it’s big milestone events or little out of the ordinary moments that matter – there’s always a Penfolds wine to mark the moment.’
Penfolds Magill Cellar 3 NFTs (300 total) will be available for purchase on BlockBar from 18th January, on a first come first served basis.
Each bottle will be stored in limited edition gift boxes at BlockBar’s facility in Singapore, until the purchaser decides to redeem the bottle NFT by collecting the physical bottle.
As part of the program, the first three buyers to purchase six bottles of Penfolds Magill Cellar 3 2018 will be invited to attend a private virtual session with Gago and receive a personalised plaque for their wine gift box upon redemption of the NFT.
An NFT, which stands for “non-fungible token,” is a unique digital item (like an image, video, or song) that cannot be duplicated. NFT purchases are also recorded on the extremely secure and supposedly unhackable blockchain (a distributed database shared among the nodes of a computer network, allowing a secure and decentralised record of transactions), providing undisputable ownership.