Chinese alcohol lobby group seeks to normalize alcohol NFTs

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

See related article: Are you looking to invest in vintage wine? There’s an upcoming NFT for that

Fast facts

  • The group said the standards will cover the design, minting and marketing of alcohol-based “digital collectibles“.
  • “Digital collectibles” is a phrase now used by Chinese companies to avoid references to non-fungible tokens (NFTs), ever since Chinese state media began reporting on the market frenzy over NFTs.
  • The association will work with companies working in the blockchain industry to incorporate their feedback into the drafting of the standards, the association said.
  • In May, Wuliangye, a well-known traditional liquor brand in China, launched its NFT series called “Digital Liquor Certificate”, a kind of blockchain-based voucher linked to a physical bottle of wine stored in a cellar.
  • The NFTs were each priced at 1,399 yuan (about $208) and sold out in 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 in four minutes, according to a company press release.

See related article: Hic Hic Hooray! Scotland’s Ardbeg Distillery to launch limited-edition whiskey NFTs

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