AFRICA’s first fine wine nonfungible tokens will be auctioned this month, with well known South African vineyards such as Meerlust Wine Estate and Klein Constantia taking part.
The sale, organized by auction house Strauss & Co. from 18 April to 25 April, will offer wines from five producers, with each NFT holding between 20 and 50 vintages and between 66 and 288 bottles.
“Nonfungible tokens are a highly efficient way to package a collection of wines for trading and investment,” Strauss & Co. said in a statement on Monday.
“The digital contract, stored on the polygon blockchain, includes all the provenance, pricing, transaction, sensorial and ageing information.”
The sale joins a global trend of using NFTs to sell luxury beverages ranging from wines to whiskies with the novel method providing a certificate of provenance and providing publicity for the winemakers.
NFTs have soared in popularity in recent months, with caricatures of monkeys and lions
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