Metaverse

With 300 bottles of Penfolds wine, BlockBar NFT launches its gifting platform.

BlockBar, the world’s first direct-to-consumer NFT platform for wine and spirits, has now expanded its offerings by offering 300 bottles of Penfolds as a gift.

The BlockBar community can now present a highly wanted collectable wine or spirit, bridging the physical and digital worlds. According to BlockBar, the market for high-end collector spirits, such as Penfolds wine, has grown by 582 percent in the last decade.

According to Forbes, BlockBar co-founder Sam Falic said regarding the platform’s extension, which is aimed at both crypto specialists and beginners: “This is a fantastic addition to your digital portfolio; in addition to your digital art, you can now own a digital bottle and establish a digital bar backed by tangible assets.”

NFTs (non-fungible tokens) are gaining traction in practically every industry, from art to rare wine and spirits. BlockBar has allowed users to buy asset-backed NFTs directly from brand owners, burn, redeem, or sell the physical product since its inception in 2018. The bottles themselves are kept in a secure location in Singapore. BlockBar also allows users to offer actual products, and the NFT gifting platform is designed to be user-friendly.

Penfolds has released a limited edition NFT in conjunction with its rare Magill Cellar 3 barrel of wine, which can be purchased for $130,000.

“All you need to know is that you’re getting a present, which is a physical bottle that’s being stored for you in a secure location; the fact that it’s built on blockchain or uses NFTs is the method to verify provenance and ownership,” Dov Falic, BlockBar’s other co-founder, explained. You have complete control over the bottle at all times.”

BlockBar’s inaugural NFT gift will be available on January 18, 2022, and will be restricted to 300 bottles of Penfolds Magill Cellar 3 2018, priced at 0.13 ETH ($467). The unique wine from the Australian producers was defined by the founders as “one of the most collectible and giftable wine brands in the world” and as “the finest quality and most representative blend of Cabernet Sauvignon and Shiraz from the brand.”

The cryptographic version of the NFT is safely stored on BlockBar after purchase, with proof of validity held on the blockchain as a digital certificate of ownership. An email will be sent to the receiver inviting them to establish or sign into an account and accept their NFT, giving them complete ownership. With no additional transaction fees, the receiver can now redeem the actual commodity, trade its NFT form within the BlockBar marketplace, or store it in their virtual bar.

The first three persons who buy six bottles of NFT Penfolds Magill Cellar 3 2018 will be invited to a private video session with Penfolds Chief Winemaker, Peter Gago, and will also get a personalised plaque for their wine gift box.

This article is just for educational purposes.

Make your own exploration before making any form of investment, as always.

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