Penfolds ventures into NFTs with Magill Cellar 3

By James Lawrence

Published: 23 November, 2021

Penfolds has unveiled a new partnership with digital assets trader BlockBar to sell a barrel of its tiny production Magill Cellar 3 wine for USD $130,000.

As reported on manofmany.com, just 300 non-fungible tokens (NFT) will be created on Blockbar, once the wine is bottled in 2022. Each asset corresponds to a bottle of the Magill, stored in gift boxes at BlockBar’s facility until redeemed by the purchaser no earlier than the date of release of the wine in October 2023.

In addition, every owner of a NFT will enjoy a private wine tasting in Magill Cellar 3 (Penfolds Magill Estate Winery, South Australia), and a vineyard tour, with regular video updates and imagery from the winemakers.

Upon purchasing the NFT 'bottle', the buyer has the freedom to resell or transfer the asset through the BlockBar platform, or to redeem it for the physical version.

“We are proud to partner with BlockBar to release our Penfolds Magill Cellar 3 NFT,” said Penfolds' chief marketing officer Kristy Keyte.

“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. The wine itself, Magill Cellar 3 from the 2021 vintage, is not available for public purchase making it the ultimate collector’s item.”

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