China’s alcohol lobby group seeks to standardize liquor NFTs

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.

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.