NFT
Chinese liquor giant Kweichow Moutai, one the largest Chinese companies by market capitalization, announced on Saturday the launch of its non-fungible tokens (NFT) collection that provides owners with rights to purchase limited edition liquor in the real world.
Fast facts
- Moutai started issuing the 113,960 Lichun-themed NFTs, locally known as “digital collectibles,” last Saturday, with their physical liquor counterparts. Each bottle is bound to one blockchain-based NFT.
- Lichun is the first of 24 solar terms in China’s traditional calendar. Moutai said it intends to issue NFTs and corresponding physical products for each solar term.
- The NFT-linked bottles are on sale for 2,899 yuan (US$427) for 500 milliliter bottles, and 569 yuan for 100 ml, with a total value of 139 million yuan (over US$20 million).
- Customers can acquire the rights to purchase liquor for fiat by earning the NFTs after completing in-game tasks at Xunfeng Digital World, a mobile app that contains a digital replica of Moutai’s winery.
- While the NFTs cannot be traded in the game, liquor fans can alternatively generate the digital collectibles by conducting player-to-player trades using in-game tokens. This process can cost around 1,600 yuan, according to Xunfeng.
- Launched on Jan. 1 by Moutai and NetEase, Xunfeng had over 2.4 million registered users by the end of January, according to Moutai.
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