Last week it was single-malt whisky, this week single-vineyard wine – a South Australian winemaker is the first in the world to sell an entire vintage in the form of non-fungible tokens (NFTs).
From October 19, Torbreck Vintners and Powell & Son founder Dave Powell has put up his 2021 single-vineyard wines under his new label, Neldner Road, for auction on leading NFT marketplace OpenSea.
Entire Vintage Available for a Lazy $9.15 Million
There are 101 NFTs redeemable for specific barrels of wine, or the entire vintage can be bought for a cool 2,373.28 ETH (US$9.15 million).
“When I first found out about NFTs, it seemed to fit well with wine,” Powell says. “This reminds me of how wines are sold in Bordeaux [France] through their en primeur system, which has been in operation for over a century.
“As with en primeur [whereby connoisseurs are allowed to buy wine futures 12 to 18 months before the wine is bottled], people who purchase an NFT have an advantage over the normal wine buyer who pays full retail price once the wine hits the open market,” Powell adds.
“And like en primeur, NFTs guarantee provenance, but it’s more about bringing my wines to a new audience who I think will be interested in what we’re doing.
Like the more ‘traditional’ NFT products, our wine is rare – just 100 barrels. Every vintage is different, and it’s the original collectible – the oldest personal wine collection we know of dates back nearly 4,000 years.
Dave Powell, founder, Torbreck Vintners, Powell & Son, Neldner Road
Buy More Than One NFT, Have Dinner With the Winemakers
Neldner Road – named for the location of the Kraehe Vineyard, one of several Powell works with – will cellar each barrel until its buyer is ready to receive it. Each contains 225 litres, enough to fill 300 standard wine bottles. Other bonuses include holograms, plus air tickets and dinner parties with the Neldner Road team if a buyer purchases multiple NFTs.
The auction began yesterday, with minimum bids set at a chastening 6.95 ETH (US$26,792). If it’s any buffer against the expense, above-average rainfall and a mild summer mean the 2021 vintage is shaping up as the best in living memory.
I’ve waited more than four decades to be in the right place at the right time. The confluence of climatic conditions that led up to the vintage I feel will never been repeated, and have resulted in fruit that is simply the best I’ve ever seen – and I think these wines may well be the best I ever make.
Dave Powell, founder, Torbreck Vintners, Powell & Son, Neldner Road
The auction concludes on November 17 at 5:30pm PST.
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