x

Angélus and Cult Wines explore NFT trend

An emerging trend in the collectibles market has made further inroads in wine via the release of a ‘non-fungible token’ linked to a barrel of Château Angélus 2020 and a digital artwork of the St-Emilion estate’s famous golden bells.

Château Angélus recently joined forces with Cult Wines, a UK-based wine investment and collection management company, to offer a non-fungible token (NFT) guaranteeing ownership of one barrel of Angélus 2020 and the original 3D digital artwork.

One barrel is equivalent to 300 bottles.

Listed by Cult Wines on the OpenSea digital marketplace, the NFT also entitled the owner to a VIP experience at the St-Emilion Premier Grand Cru Classé A estate.

According to OpenSea records, an anonymous bidder paid $110,000 for the NFT on 23 July. The transaction was made in USDC, as a ‘stablecoin’ cryptocurrency that is pegged to the US dollar.

It’s a high-profile example of how some producers and traders are experimenting with a much-talked-about, emerging format.

NFTs are digital tokens underpinned by a unique ID that is stored on a digital ledger, or blockchain.

They have become a buzz-term in some parts of the digital media market this year, and in the world of collectibles. Christie’s made headlines after selling an NFT of a digital artwork by artist ‘Beeple’ for $69m (£50m).

However, it’s very early days. While implications for wine are still being explored, some believe NFTs could act as certificates of ownership, with blockchain technology making provenance more transparent.

Cult Wines said the collaboration with Angélus is ‘the first step of several’ that the merchant is planning with blockchain technology – already being employed in parts of the wine world.

‘Blockchain is a constantly evolving space that is fundamentally reshaping how wine is stored and authenticated,’ said Corey Parkinson, global head of product for Cult Wines.

Tom Gearing, Cult Wines’ CEO, told Decanter that experimentation in the digital marketplace may uncover new collectors and markets.

‘We have been committed from day one to evolving fine wine as an asset class,’ he said. He believes there is a younger generation of tech-savvy wine collectors. ‘These people are au fait with digital, with cryptocurrencies.’

Archive

January 2022

December 2021

November 2021

October 2021

September 2021

June 2021

April 2021

February 2021

January 2021

November 2020

October 2020

September 2020

August 2020

May 2020

March 2020

January 2020

December 2019

November 2019

October 2019

September 2019

August 2019

July 2019

May 2019

April 2019

February 2019

January 2019

December 2018

November 2018

October 2018

September 2018

August 2018

July 2018

June 2018

April 2018

March 2018

February 2018

December 2017

November 2017

October 2017

September 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

December 2016

November 2016

October 2016

September 2016

August 2016

July 2016

June 2016

May 2016

Register to Tastingbook
Register now, it's fast, easy and totally free. No commitments, only enjoyments.
X
You need to login or register to view the info.
'
X
You need to login or register to access this functionality.
X
To write comments you need to login or register.
BWW 2022

BWW 2022 - Who is the Best Wine Critic of the World?

Wine Professionals and wine lovers from all around the world choose, who is most reliable and influential wine critic in the world.

 

VOTE NOW YOUR FAVOURITE WINE CRITIC!

 

BWW - Best Wine of the World -Competition is the largest wine competition in the world, whether measured by the number of wines, the number of consumers involved or the judges taking part.