Collections of fine wines made by South Africa’s leading producers were sold as non-swappable tokens (NFTs), the first such event in the country’s wine industry.
At the auction, hosted by fine art auctioneer Strauss & Co, some lots, such as those from Klein Constantia’s Vin de Constance 1986-2027 collection, sold for $79,000 (R1,251,800).
This is a big step in preserving the legacy of South Africa’s fine wine! These pristine vintage bottles are now securely stored on the blockchain for future trading and enjoyment.
We believe this new technology is the most efficient way to package and sell vintage wines, especially when provenance is so important,” said Roland Pins, fine wine specialist at Strauss & Co.
Once sold, the released NFTs “can be raffled off or sold at any time on any NFT platform around the world,” as stated.
Interestingly, two of the lots were paid for in bitcoins.
The sale raised about $6,000 for charities, which will go to the South African wine industry.