A barrel of Penfolds Magill Cellar 3 has been made available exclusively through leading non-fungible token (NFT) marketplace, BlockBar. It is the first wine to be sold on the luxury wine and spirits marketplace.
Upon purchase, the buyer will own a non-fungible token tied to the rare barrel made from the 2021 vintage and which will convert to 300 x 750ml bottle non-fungible tokens in October 2022. The whole process is verifiable through blockchain, and each bottle will be identified with a barrel and bottle number.
The NFT serves as a digital receipt that verifies the buyer’s ownership and authenticity of the wine bottles. The barrel NFT can be resold or transferred through the BlockBar platform but cannot be redeemed by the purchaser. The bottle NFTs can be resold or transferred through the BlockBar platform by the purchaser and can be redeemed by the purchaser for the physical bottle after the date of release of the wine in October 2023.
Penfolds Chief Marketing Officer, Kristy Keyte said, “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.”
The first Penfolds Barrel NFT will launch on Thursday, 25 November at 1.00am AEST. A lobby will become available on BlockBar.com 30 minutes ahead of the launch, whereby to enter, prospective buyers must have one ETH in their metamask wallet. The lobby will close at the launch time where one will be randomly presented with the opportunity to purchase the Penfolds Barrel NFT for purchase at AUD$180,000 via Ethereum (ETH), credit card, or wire transfer only.
Each bottle will be stored in limited edition gift boxes at BlockBar’s facility, until the purchaser decides to redeem the bottle NFT by collecting the physical bottle no earlier than the date of release of the wine in October 2023.
“We’re excited to be a part of this innovative milestone for both Penfolds launching its first NFT, and BlockBar launching its first wine brand on the platform” said Dov Falic, CEO of BlockBar. “We believe the use case for authentication with blockchain technology is of utmost importance for the industry – with BlockBar consumers know they are buying authentic wine, direct from the brand owner.”
As part of this program, the owner of the barrel NFT at the time of bottling in October 2022 will receive a personalised keepsake barrel head and an opportunity to engage in a selection of ‘money can’t buy’ experiences unique to Penfolds.
BlockBar was started by The Falic Group, the owners of Duty Free Americas and founders of Paneco, the largest ecommerce liquor platform in both Israel and Singapore. It allows consumers to purchase asset backed NFTs directly from BlockBar with verified provenance, and secure transactions are fully protected and transparent.
Penfolds winemakers tasted the 2021 Magill Cellar 3 Old Vine Barossa Shiraz Coonawarra Cabernet Sauvignon from barrel in October 2021. As the wine matures, the colour, nose and palate will evolve. Penfolds winemakers will re-taste the wine in October 2023 (upon release) to provide updated tasting notes.
COLOUR – Tasted from barrel, October 2021
NOSE – Tasted from barrel, October 2021
Dark red fruits and sweet spices, with layers of briar, cardamom and cedar adding savoury complexity.
PALATE – Tasted from barrel, October 2021
Textural and interesting with incredible density.
This wine is a combination of mouth filling Shiraz generosity and texture, with the assertive power of cabernet tannins and savoury red fruits.
The complexity and layers are evident and will only continue to evolve over time.
Dark licorice with spice aromatics, tannin and acid balance aligned and poised.
A youthful unique character developing and maturing, anchored by Penfolds’ DNA
By: Ioni Doherty