It’s no secret that we as people are fascinated with wealth and expensive things. From iconic TV shows like Lifestyles of the Rich and Famous and endless lists of the most expensive bags and cars and whatnot, we certainly love indulging our wealth fascination.
Well, wealth watchers will be glad to hear that the world’s most expensive bottle of champagne has been sold for $2.5 million. Besides the hefty price tag, the bottle also came with an NFT, signalling just how closely tied the digital assets have become to wealth.
Raise a Glass
So what is the most expensive champagne ever sold? That title goes to the Magnum 2.5 which was created by Shammi Shinh for Champagne Avenue Foch. The bottle was created with input from the artist Mig, who is known in the NFT space for being a creative force behind collections like the Bored Ape Yacht Club.
The bottle, which was created with the images of five NFT art pieces on it, also came with the digital versions of the NFTs in question. The bottle was purchased by brothers Giovanni and Pierre Buono and according to Shinh, he expects that the bottle will be traded again.
“Once the buyer has the bottle, they will receive the actual NFTS that are on the bottle as well. Although they are physically printed on the bottle, they will receive the actual NFT artwork,” Shinh said in an interview with Fortune.
It isn’t unheard of for buyers to pay top dollar for alcohol, as the industry brings in billions of dollars each year. The same goes for NFTs as pieces from collections such as the Bored Ape Club can run for millions. Now, the two have been combined and have gone on to set a record for champagne sales.
Shinh has explained that a clear market exists for such products-luxury items that leverage NFTs while still giving the buyer a physical product that they can enjoy.
“To me, I’m thinking people are spending millions of dollars on pictures of apes, why wouldn’t they prefer a high caliber champagne with an ape on the bottle itself?” he says.
Are NFTs the New Luxury Frontier?
In many ways, NFTs can be thought of as luxury items, especially when you consider the amounts that certain collections can command for a single piece. But as they become even more popular, both among everyday people and the elite alike, could they stand alongside things like Rolls Royces and Chanel bags as the ultimate status symbol?
In the case of the Magnum 2.5, is the $2.5 million being paid for the champagne itself or for the NFTs that are attached? Without it, what would the Magnum 2.5 be worth?
As Shinh himself says, physical representations of the digital assets should be as in-demand and perhaps attaching them to luxury goods could be a way to do this. Likely, as NFTs continue to make headway in the luxury space, their value, whether in physical or digital form, can be defined.