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News
Bordeaux en primeur wines offered as NFTs
Web3 platform InterCellar has launched a number of this year’s Bordeaux en primeur wines as non-fungible tokens (NFT).
The platform is offering a collection of wines through the Crypto.com exchange from seven producers, in the first of its kind in the traditional en primeur campaign.
Due to the fact the en primeur wines are yet to be bottle, it offers an innovation to participate in collectible wine trading before wines are bottled, it said.
Wines available for purchase include:
- Château Cheval Blanc 2023
- Château Angelus 2023
- Château Lafite Rothschild 2023
- Château Mouton Rothschild 2023
- Le Petit Mouton De Mouton Rothschild 2023
- Château Carruadas de Lafite 2023
- Château Leoville Las Cases 2023
Minting
Through minting the NFT, purchasers will get the physical bottle, which will be stored in a secure warehouse by InterCellar, and also a 5% rebate to use on other wines.
The wines will be deliverable from 1 June 2026, when the en primeur wines begin to be bottled, as the wines will remain with the producer for at least 24 months.
Once bottled, they will be subject to storage fees (€1.2 per item per month) which has to be paid during the duration of the NFT ownership or until the bottle is redeemed.
The concept behind Web3 is to build a new decentralised internet that is built on blockchains — distributed ledgers which are controlled communally by all participants, including creators and purchasers.
On purchasing a non-fungible token, an owner can trade their digital asset or redeem it to collect the physical item. With the en primeur wines which are yet to be bottled, the NFT is kept until where it can be then be redeemed against the physical bottle or traded.
NFTs
One of the benefits of wine NFTs is the traceability offered by the unique digital token, giving the buyer full knowledge of exactly where their wine is at all times.
Each NFT has a unique signature that proves its authenticity, increasing its appeal in market for goods with high collectible value, such as that for fine wine.
Buyers receive a unique digital token, which is evidence of their ownership of the product, providing reassurance that it cannot be forged or otherwise manipulated.
The news follows last year VIK offering a limited release of 50 double-magnums of the highly rated 2018 vintage as NFTs.
VIK’s 2018, a blend of 75% Cabernet Sauvignon and 25% Cabernet Franc aged for 20 in French oak barrels, was described by db’s Bordeaux correspondent as “immediately expressive aromatically with a delightful combination of wild herbs, crushed petals and richer, deeper spicier notes accentuating the red stone fruit”.
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