The NFT market went from US$13 Million in 2020 to US$41 Billion in 2021. It is truly exploding and, while there are some more extreme activities around pricey rock JPEGs and eye-wateringly expensive digital art, there are many examples of normal companies successfully embracing NFT technology to enhance the customer relationship. Innovative winemaker Penfolds has had two very successful NFT “drops” of premium wines. Gifting and trading premium wine is difficult due to the fragility of the physical object. NFT tech is an ideal solution. Buyers of the Penfolds’ wine NFTs have a right to redeem that NFT for the bottle but can also gift it (as simply as sending an email) or trade it.

Kristy Kyte, Penfolds Chief Marketing Officer and Sam Falic, Co-founder and President of the Web3 tech company, Blockbar who partnered with Penfolds on this project.

In the words of Kristy:

"If you are in Marketing and you are not looking at NFTs then you should".

 

Links:

Penfolds website

Blockbar website

Norton Rose Fullbright website

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