China’s alcohol lobby group seeks to standardize liquor NFTs

By June 29, 2022NFT
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liquor NFT
Image: Wuliangye's NFT ties to a physical bottle, and Yanghe's NFT featuring the bottle | Wuliangye, Yanghe

The China Alcoholic Drinks Association on Tuesday said its standards will cover but not be limited to cultural and creative products of liquor-based “digital collectibles” or the physical liquor accompanying such assets.

See related article: Looking to invest in vintage wine? There’s an NFT coming for that

Fast facts

  • The group said the standards will cover the design, minting and marketing of liquor-based “digital collectibles.”
  • “Digital collectibles” is a phrase now used by Chinese companies to avoid references to non-fungible tokens (NFTs), since Chinese state media began denouncing the market frenzy over NFTs.
  • The association will work with firms working in the blockchain industry to incorporate their feedback in drafting the standards, the association said.
  • In May, Wuliangye, a well-known traditional liquor brand in China, debuted their NFT series called “Digital Liquor Certificate,” a kind of blockchain-based voucher linked to a physical wine bottle stored in a cellar.
  • The NFTs were each priced at 1,399 yuan (approx. US$208) and sold out within three hours, according to local media.
  • In March, another well-known Chinese liquor brand, Yanghe, released 1,368 NFTs featuring the brand’s bottles, which sold out within four minutes, a press release by the company said.

Author profile

Ningwei is a Research Associate at Forkast. She previously worked for Caixin, Renmin Daily and CCTV. Ningwei holds a Masters degree from the University of Hong Kong.

Ningwei Qin

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