Wednesday, August 10, 2022
No menu items!

NFT auction to be used to sell fine wines for the first time in Africa

The sale, organized by the Strauss & Co. auction house from April 18 to 25, will offer wines from five producers and each NFT will have between 20 and 50 vintages.

Must Read

Africa’s first quality wine non-fungible tokens (NFTs) will be auctioned this month, with the participation of well-known South African vineyards such as Meerlust Wine Estate and Klein Constantia. The sale, organized by the Strauss & Co. auction house from April 18 to 25, will offer wines from five producers and each NFT will have between 20 and 50 vintages (vintage) and between 66 and 288 bottles .

“Non-fungible tokens are a very efficient way to package a wine collection for trading and investment,” Strauss & Co. said in a statement Monday. “The digital contract, stored in the polygon blockchain, includes all the information of origin, price, transaction, sensory and age”. The sale joins a global trend of using NFTs to sell luxury beverages ranging from wines to whiskeys in a novel method that provides a certificate of provenance and provides advertising to winemakers. The popularity of NFTs has skyrocketed in recent months, with cartoon monkeys and lions fetching millionaire prices. Sports clubs, prestigious car manufacturers and even pop stars are among those who have gotten into this fledgling business, which uses blockchain technology to authenticate unique ownership tokens.

The NFTs for sale and their estimated prices:

  • The Strauss Rubicon 80-34 NFT includes the first 50 vintages of Meerlust Rubicon Stellenbosch wine in varying amounts for a total of 288 bottles. It is estimated between 550,000 rands (US$37,741) and 750,000 rands.
  • Strauss Vin de Constance 86-27 NFT offers the first 40 vintages of the Klein Constantia sweet wine made from Muscat de Frontignan. Estimated between R550,000 and R750,000.
  • Strauss Series C 03-27 NFT consists of a case of 6 bottles from each of the first 25 Vilafonté vintages. It is estimated between R550,000 and R750,000.
  • Strauss Olerasay 1-20 includes the first 20 iterations of Mullineux Olerasay, a long-standing chenin blanc-type sweet wine. It is estimated between R250,000 and R350,000.
  • Strauss Paul Sauer 00-25 covers all vintages from 2000 to 2025. Estimated between R150,000 and R250,000.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

More and more cases of monkeypox in Europe

The number of monkeypox cases in Europe continues to rise, but the vaccine is no longer sufficient in several...

More Articles Like This