Getting Started
What is BlockCellar?
BlockCellar is an open-architecture blockchain-enabled platform built to simplify the way collectors buy, sell, store, trade, and transfer investment-grade wine and spirits. Our mission is to democratize the world of investment-grade wine and spirits collecting. We strive to eliminate traditional barriers to entry by offering exceptional access, transparency, and trust in the marketplace.
By leveraging physical-backed token (PBT) technology, we preserve the provenance of every bottle, simplify transactions, and make world-class collectibles accessible to all. Regardless of the size of their collection, we ensure that every collector has access to wine and spirits storage to maintain the integrity of each bottle.
How do I know there’s really a physical item linked to my BlockCellar physical-backed token?
Requesting an audit of your BlockCellar physical-backed token is easy. Connect your wallet, select the PBT you wish to audit, and click the Request Audit button. Each BlockCellar PBT is eligible for one free audit every 36 months. The audit will include an attestation from the BlockCellar-designated storage facility, a condition report, and a photograph of the physical item.
Where do I start?
Click on the Get Started button, choose Connect with Email, and follow the instructions from there.
If you already have a wallet, click on Get Started, choose Connect with Wallet, and follow the instructions from there.
Watch this video for step-by-step instructions on how to connect to BlockCellar with your Coinbase Wallet app.
Do I need a digital wallet?
Yes. Your digital wallet is your account and identity on BlockCellar. Regardless of your purchase method, your BlockCellar physical-backed tokens must be held in a digital wallet.
How do I get a digital wallet?
Creating a wallet is easy. If you’re new to Web3, Magic.Link let’s you create a wallet that is linked to your email address. All you have to do is click on the Get Started button, chose Connect with Email, and follow the instructions from there.
Watch this video for step-by-step instructions on how to set up a wallet with an email address using Magic.Link.
Watch this video for step-by-step instructions on how to set up a MetaMask wallet as an Edge browser extension.
How secure is my personal and financial information on BlockCellar?
Never share your wallet private keys, seed phrase, or password with anyone because it will give them access to your wallet and everything in it. BlockCellar will NEVER request your wallet private keys, seed phrase, or password.
BlockCellar is committed to respecting and protecting the privacy of its users. We adhere to stringent data protection laws and regulations. Personal data collected is used strictly for providing and improving our services, and we never share this information with third parties without explicit user consent. All physical-backed token transactions carried out on BlockCellar are secured by advanced encryption technologies, which protect against unauthorized access.
Transfers & Redemptions
How do I transfer my PBT?
Transferring a BlockCellar PBT is easy. Connect your wallet, select the PBT you wish to transfer, and click the Transfer button. Type the receiver’s email address into the address box, click Transfer PBT button, and confirm the transfer. The receiver must accept the PBT to complete the transfer.
Can I cancel a PBT Transfer?
Cancelling a pending transfer is easy. Connect your wallet, select the PBT that is marked Pending Transfer Out and click the Cancel Transfer button. However, once a transferred PBT is accepted it cannot be recovered.
How do I redeem my PBT?
Redeeming a BlockCellar PBT is easy. Connect your wallet, select the PBT you wish to redeem, click the Redeem button, select delivery option, enter your designated shipping location, pay applicable taxes, shipping costs, and/or other costs. You may be required to provide additional information to confirm your eligibility to take possession of the physical item. Please check the Term & Conditions to see if shipping is available in your location.
Why would my redemption request be declined?
Why would my redemption request be declined?
BlockCellar, our partners, or other Users will not facilitate the transfer of items to individuals or entities prohibited from receiving, owning, possessing, or consuming such items. If you are ineligible to redeem the PBT for the physical item, the PBT will remain “unredeemed” in your wallet. If you believe your redemption request was erroneously rejected, please contact us at support@blockcellar.com to determine the source of the error.
What is the mandatory redemption date (MRD)?
Every BlockCellar PBT is minted with a date by which the owner of a PBT must redeem the PBT for the physical item. We do this for a number of reasons: 1) to ensure that sellers do not incur unreasonable storage and insurance costs, 2) some wines have an optimal consumption window, 3) maturing spirits in casks can become over-aged, overly woody, bitter, and astringent, 4) other items may have a limited shelf life and cannot be stored indefinitely.
What is the earliest redemption date (ERD)?
The earliest redemption date (ERD) is the soonest a PBT can be redeemed for the physical item. With a few exceptions, many BlockCellar tokenized collectibles can be stored for a decade or more before entering their peak consumption window.
Our community members choose BlockCellar because they value:
1) the convenience and security of storing their collectibles in-bond;
2) maintaining the provenance of their collectibles;
3) deferred taxes/VAT;
4) low secondary market transaction costs;
5) the operational efficiency of transacting on the blockchain; and
6) the logistical efficiency of exchanging value on the blockchain instead of having to move around physical items.
However, if you want to redeem your PBT prior to the ERD, please contact us at support@blockcellar.com.
I don’t want to redeem my PBT by the mandatory redemption date, can I extend the MRD?
Yes, collectors can extend the Mandatory Redemption Date by buying more storage. Storage costs will be applied at the then-current storage rate.
Someone sent me a BlockCellar PBT, how do I accept it?
Accepting and BlockCellar PBT is easy. Connect your wallet and update your profile. Be sure to use the email address to which the BlockCellar PBT was sent. Go to My BlockCellar and accept the transfer.
Buying & Selling PBTs
How do I buy a BlockCellar PBT?
Buying a BlockCellar PBT is easy. Connect your wallet, click the Buy Now button, select your payment method, and approve the transaction. Your PBT will automatically be added to your wallet.
What are my payment options?
Enjoy the flexibility of using ETH, Credit and Debit Cards, or the quick and secure payments through Apple Pay and Google Pay. Purchases made using ETH are are uncapped. Purchases made using traditional methods are capped at $4,500.
Why was my Credit Card declined?
All Credit and Debit Card purchases are processed by COINFLOW LABS. Your card might be declined due to insufficient funds, expired card, incorrect details, restrictions, suspected fraud, or technical issues. If your card was declined we will do our best to identify and share the reason with you. In most cases, the best course of action is to contact your bank to understand the reason for the decline.
How do I buy Ether?
You can buy ETH from exchanges or from wallets directly with Instant ACH Bank Transfer, Credit or Debit Card, Wire Transfer, PayPal, or Cash App. However, some on ramp services may not be available in all countries, states, or jurisdictions.
Visit MetaMask for step-by-step instructions on how to buy ETH directly in your MetaMask wallet.
Visit Magic.Link for step-by-step instructions on how to buy ETH in your Magic.Link wallet.
How do I sell my BlockCellar PBT?
Listing your BlockCellar PBT for sale is easy. Connect your wallet, find the PBT you wish to sell, click the List for Sale button, choose your listing currency, price, and click the List PBT button. You can delist your PBT at any time.
What happens when I sell my PBT?
When you sell your PBT on the Marketplace, the PBT will be automatically transferred to the buyer and your wallet will be automatically credited with Ether. If you have any unused storage, your wallet will be credited with the remaining storage balance.
Fees, Withdrawals & Taxes
How does BlockCellar pay its bills?
For each primary or secondary market sale BlockCellar earns a platform fee equal to 5% of the total sales price. The platform fee is paid by the seller of the PBT.
Will my PBT moon?
Don’t count on it. One could reasonably expect the value of one’s PBT to be approximately equal to the value of the corresponding physical item. However, we cannot guarantee, nor do we imply, that there will not be significant deviation between the value of the PBT and the value of the corresponding item in the physical world.
How do I withdraw money?
BlockCellar is not a wallet provider and we do not have access to, or control of, your wallet or its contents. Net proceeds from the sale of a BlockCellar PBT will automatically be credited to your wallet. Please refer to your wallet’s Terms and Conditions to learn more about converting Ether (or any other blockchain token) to fiat.
Does BlockCellar calculate my taxes?
No. You are responsible for determining what, if any, taxes apply to your purchases, sales, and transfers of PBTs. If you have specific questions regarding taxes, please consult with a professional tax advisor. There are third-party services that can assist you in determining what taxes may apply. All transactions made in your wallet are publicly available and may be viewed on etherscan.io.
Storage, Ownership & Shipping
Where is my PBT stored?
Your PBT is stored on the Ethereum blockchain (digital ledger) where it is immutably linked to your wallet.
How does storage of the physical item work?
In most cases, PBT buyers are required to prepay storage costs up to the Mandatory Redemption Date (MRD). If PBT is sold prior to the MRD, the remaining storage costs will be reimbursed to the seller’s wallet. If the PBT is redeemed prior to the MRD, any unused storage costs may be used to offset certain redemption-related expenses (such as shipping).
Does a BlockCellar physical-backed token represent ownership of a physical item?
Your physical-backed token and the physical item are contractually linked to each other. No one can take possession of the physical item unless they redeem the corresponding PBT. However, PBT redemption may be restricted by federal, state, or local regulations.
Ownership of a BlockCellar PBT is meant to document provenance of the physical item and grants to the owner of the PBT the exclusive right to acquire the physical item provided they are eligible to take delivery of the physical item and are in compliance with the laws and regulations in their jurisdiction.
What happens if I lose or forget my wallet information?
Protect your wallet like you would protect cash or any valuable item. Magic.Link wallets can be accessed using your only your email address. If you lose or forget your wallet information please contact us immediately at support@blockcellar.com.
For what reasons can BlockCellar reclaim a PBT?
We never want to reclaim a PBT. However, BlockCellar retains the limited right to reclaim and reissue a PBT in the event 1) a genuine user loses their wallet information, 2) we discover a material defect in the digital contract, 3) we discover a material security vulnerability in the digital contract, 4) we discover a material breach in the digital contract Terms and Conditions (e.g. Redemption – Mandatory Redemption Date provision), 5) we discover a material breach in BlockCellar’s Terms of Service, or 6) we are compelled to do so by local or national government action, any provision of current or future laws or regulation, or by order of any court or governing body.
How do I actually get the actual bottle/case?
Redeeming a BlockCellar physical-backed token is easy. Connect your wallet, select the physical-backed token you wish to redeem, click the Redeem button, select delivery option, enter your designated shipping location, pay applicable taxes, shipping costs, and/or other costs. You may be required to provide additional information to confirm your eligibility to take possession of the physical item. Please check the Term & Conditions to see if shipping is available in your location.
How do I know there’s really a physical item linked to my BlockCellar physical-backed token?
Requesting an audit of your BlockCellar physical-backed token is easy. Connect your wallet, select the PBT you wish to audit, and click the Request Audit button. Each BlockCellar PBT is eligible for one free audit every 36 months. The audit will include an attestation from the BlockCellar-designated storage facility and/or supplier, a condition report, and a photograph of the physical item. Please allow 30 days to receive your report.
What is a Rotation Number?
In warehouse management, rotation numbers are used to track inventory and ensure products are properly managed. Each batch of wine is assigned a unique rotation number, which serves as a reference for tracing the product’s history and origin.
At BlockCellar, every token is linked to a specific case of wine stored in our facility. The unique rotation number assigned to the wine is recorded in the token’s metadata, creating a secure and verifiable connection between the token and the physical case of wine.
Understanding Physical-Backed Tokens
What exactly is a BlockCellar physical-backed token?
BlockCellar physical-backed tokens are a subcategory of non-fungible tokens (“NFTs”) that represent a contingent claim on a physical item. Non-fungible means something is unique and cannot be replaced with something else (e.g., an original Picasso). Tokens are digital assets with value and can be transferred, traded, bought, sold, and stored in wallets. So, a physical-backed token is a contingent claim on something unique that cannot be replaced with something else, it has value, and can be transferred, traded, bought, sold, and stored in wallets.
Why don’t you have any funky pictures/GIFs on your BlockCellar PBTs?
You can’t drink a picture, right? While spinning bottles and rainbows are kind of cool, we’re using this technology to make it easy for you to buy, sell, store, trade, and transfer a wide range of investment grade wine and spirits.
Honestly, we didn’t see the value. We might be wrong. If you really want a funky spinning bottle (or something else) let us know, we’ll see if we can figure something out.