BlockBar, the world’s first direct-to-consumer NFT platform for wine and spirits, just expanded their marketplace by launching a gifting capability. The offering allows the BlockBar community to gift a highly coveted collectible wine or luxury spirit–BlockBar cites the market for investing in high-end collectible spirits has increased by 582 percent in the last decade–that bridges the digital and physical worlds.
“This is of great value to add to your digital portfolio, aside from the digital art you own, you can now own a digital bottle and build your digital bar which is also backed by physical assets,” cofounder of BlockBar, Sam Falic, told Forbes about the platform’s expansion which targets crypto experts and beginners alike.
Non-Fungible Tokens (NFTs) are crowding headlines for their relevance in a plethora of industries from rare art to BlockBar’s offering, rare wine and spirits. Since its founding in October 2021, BlockBar allowed consumers to purchase asset-backed NFTs directly from brand owners–with physical bottles stored in a secured facility in Singapore–to burn, redeem, or sell the physical product. Now, BlockBar offers the option to gift the physical product–and whether you understand the world of NFTs or not, BlockBar ensures the NFT gifting platform is designed so anyone can use it.
“All you need to know is that you are receiving a gift which is a physical bottle that is stored for you in a secure location; the fact that it’s built on blockchain or uses NFTs is the mechanism to prove provenance and ownership. You can take possession of the bottle anytime you want,” emphasized cofounder of BlockBar, Dov Falic. “There is a barrier for entry involving NFTs; NFTs can be a bit confusing and buying NFTs is difficult and costly. We feel we are a great gateway into the world of NFTs because our products are directly from well-known brands, are tied to a physical product, and can be bought in fiat.”
BlockBar’s first NFT gift launches next week, January 18, 2022, with limited edition NFTs tied to 300 bottles of Penfolds Magill Cellar 3 2018, priced at 0.15ETH (around $467). The founders refer to the Australian producers’ “ultra-rare wine” as the highest quality and representative blend of the reputed brand’s cabernet sauvignon and shiraz–and “one of the most collectible and giftable wine brands in the world.”
Once the NFT is purchased, the cryptographic version is held securely by BlockBar with a record of authenticity held on the blockchain as a digital certificate of ownership. The recipient will receive an email with an invite to create an account and accept their NFT, receiving full ownership, which is transferred from the buyer. At this stage, the receiver can choose to redeem the physical product, trade its NFT version within the BlockBar marketplace or store it in their virtual bar–all with zero additional transaction fees.
“Wine is such an amazing gift to give but sending it and then requiring the recipient to store it is quite difficult and something people just accept. Gifting a bottle of wine through BlockBar.com is as easy as sending an e-mail,” said Dov Falic about the decision to launch the gifting program with Penfolds Wine.
To add a physical element to the gift, the limited edition NFT release includes a buyer experience: the first three buyers to purchase six bottles of Penfolds Magill Cellar 3 2018 are invited to a private virtual session with Penfolds Chief Winemaker, Peter Gago, and will also receive a personalized plaque for their wine gift box.
If you miss out on the launch at 10 a.m. EST, Tuesday, January 18, 2022, or simply wish to witness how the NFT gift works before getting involved, BlockBar has already released their additional upcoming drops, which include a one-of-a-kind, never released tequila from PATRÓN and Glenfiddich’s First Chinese New Year NFT.
“The premium tequila category is booming and trying to get your hands on collectible tequilas is becoming more and more difficult. We are proud to launch with one of the best tequilas in the world,” said Dov Falic on the upcoming release with PATRÓN, of which more details will be available after the Penfolds drop.
“Glenfiddich was BlockBar’s first brand partner,” continued Falic. “Their team has proven time and time again that they are a true maverick in the industry. They are such a historic brand with such a rich history and yet so innovative at the same time. Glenfiddich was the first ever single malt scotch whiskey ever created and the first asset backed liquor NFT directly from the brands. The legacy behind this brand makes it the ultimate gift for any occasion.”
Sam Falic concluded, “We are democratizing the traditional spirits industry and allowing everyone, anywhere in the world, to participate. How could this have been done in the past?”.