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.
- 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.