- Standards will design, mint, and market liquor-dependent digital collectibles.
- The group will work with companies already working in the blockchain industry.
- Liquor-based NFTs have been very quick in getting sold in China, based on previous observations.
The China Alcoholic Drinks Association has stated that its standards will cover but won’t be restricted to cultural and creative products of liquor-based digital collectibles or the physical liquor that will accompany such assets.
A digital collectible is a term used by Chinese companies to refrain from references to NFTs owing to the fact that Chinese state media started denouncing the market crazy over non-fungible tokens.
Going further into details, the group has disclosed that standards will cover the design, minting, and marketing of liquor-based digital collectibles.
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According to the association, it will work with firms that are working in the blockchain industry. The purpose of working with them is to incorporate their feedback while drafting the standards.
In May, Wuliangye, a reputed traditional liquor brand in China, launched their NFT series, Digital Liquor Certificate, which is a type of blockchain-dependent voucher linked to a real wine bottle stored in a cellar.
According to local media, the price of each NFT was 1,399 yuan which is approximately US$208, and the NFTs were sold out in three hours.
Yanghe, another renowned Chinese liquor brand, released 1,368 NFTs in March. The NFTs featured the brand’s bottles and were sold out in four minutes, as mentioned in a press release by the company.
NFTs have come a long way from arts and music to fashion brands, followed by iconic movie franchises. Lately, alcohol brands have also jumped on the bandwagon.Popular brands have made huge profits out of NFTs. For instance, Budweiser sold $500 NFTs within an hour, whereas Glenfiddich released rare bottles of 1973 Armagnac Cask Finish Single Malt Scotch through an NFT drop.