Recently, with the launch of the new "Huang Xiao's Journey" LBS interactive experience on the "My Xunfeng" APP, users can obtain digital rights by checking in at physical locations. This is not a one-time isolated update, but a systematic iteration that Moutai has been continuously promoting in the field of digital assets since the launch of the "Xunfeng Digital World." The digital collectibles brewed by users in the digital world can ultimately be exchanged for a real bottle of Moutai liquor—this has far exceeded a short-term marketing experiment, becoming a key module in its digital strategy characterized by continuous operation and a value closed loop.
While most brands are still relying on points and discounts to retain users, Kweichow Moutai has quietly built a more advanced digital strategic infrastructure. Its continuous exploration since 2021 is far more than simply issuing digital collectibles; it's an experiment in a "Chinese-style RDA (Real Estate Depository)" paradigm aimed at connecting the entire chain from virtual ownership to physical consumption. Anchored to the RMB and based on a consortium blockchain, it firmly anchors each digital right to a bottle of wine, a service, or a future promise.
The profound value of Moutai's successful foray into digital assets lies in its successful implementation and validation of a closed-loop paradigm with distinct Chinese characteristics. This paradigm can be clearly summarized as follows: using the RMB as the value anchor, a compliant consortium blockchain as the foundation of trust, physical assets/future rights as value support, and ultimately completing the value loop at the consumption and data levels.
Today, this closed-loop system, validated over nearly four years, is demonstrating its true value: it clearly shows us how high-relationship-value industries such as retail, healthcare, and consumer goods can upgrade traditional user relationships into accumulative, transferable, and value-added digital assets. This is no longer a prospect, but an ongoing reality that urgently needs to be replicated.
Looking back at the digital asset boom since 2021, the hype and bubble are fading, leaving behind practices like those of Moutai, which cultivate it as a long-term strategy rather than a short-term tactic. This indicates a fundamental shift: in the Chinese market, the exploration of digital assets (or more accurately, RDA) has moved from a period of debate about "whether it can be done" to a period of capacity building on "how to do it continuously and systematically".
I. Strategic Resolve: Four Years of Evolution from Digital Cultural Creativity to Asset Operating System
Rather than saying that Moutai has issued multiple digital assets, it is more accurate to say that it is using more than four years of practice to build a Chinese-style digital asset operating system.
Moutai's exploration did not begin with a single product or marketing campaign, but rather was a long-term strategic project with clear objectives and progressive steps. Its path clearly presents three stages: digital cultural and creative products → digital rights and interests → RDA (digital equity assets).
In early 2023, "Xunfeng Digital World" made a stunning debut with its "Twenty-Four Solar Terms Wine" digital collectibles, completing the "narrative" construction of cultural digitization. The core of this stage is the establishment of ownership and connection. Through digital twin technology, users can immerse themselves in the "origin of Maotai" no matter where they are and create their own digital collectibles in the virtual world.
Following this, the strategy entered a phase of deepening rights and interests. Digital collectibles are no longer simply virtual collections, but are endowed with core rights such as the ability to redeem physical wines and priority purchase rights. This transformation is crucial, as it imbues digital symbols with real consumer value.
Entering 2024-2025, the strategy was further elevated to the level of system and ecosystem construction. In August 2024, the "Xunfeng Wujia" platform was upgraded to provide services for the exchange, co-creation, and binding of digital collectibles with physical goods, and initially established an internal circulation and value discovery mechanism.
In 2025, the platform launched "Digital IP Co-creation," collaborating with intangible cultural heritage inheritors, artists, and external IPs to integrate and release Moutai physical products with diverse cultural IPs. This marks the beginning of Moutai's digital asset system evolving from serving its own brand to becoming an open and co-creating ecosystem platform.
Moutai executives have explicitly stated that Xunfeng's goal is to "recreate the 100 billion yuan Moutai empire in the digital world." This is by no means a passing fad, but rather a digital infrastructure project designed to transcend economic cycles.
II. Paradigm Closed Loop: Deconstructing the Operational Framework of Chinese RDA
The profound value of Moutai's successful foray into digital assets lies in its successful implementation and validation of a closed-loop paradigm with distinct Chinese characteristics. This paradigm can be clearly summarized as follows: using the RMB as the value anchor, a compliant consortium blockchain as the foundation of trust, physical assets/future rights as value support, and ultimately completing the value loop at the consumption and data levels.
The RMB serves as the value standard and settlement lifeline of this closed loop. All transactions and rights exchanges are completed within the legal tender system, fundamentally distinguishing it from speculative trading in virtual currencies and ensuring the stability and compliance of the system.
Consortium blockchain technology forms the backbone of trust and security. Moutai uses blockchain technology to bind digital collectibles to physical products, enabling full traceability and anti-counterfeiting authentication for every exchange and transfer. This is not a decentralized public blockchain experiment, but a highly efficient trust machine built on a controllable and compliant consortium blockchain, perfectly aligning with the business reality of prioritizing product authenticity and consumer rights protection.
The physical form and future rights are the ballast of value. This is the fundamental difference between China's RDA path and many overseas financialized RWA (Real-World Asset) projects. Its value does not depend on the liquidity premium in the secondary market, but is anchored to a real bottle of Moutai liquor, an exclusive purchase right, or a redeemable service. This allows the value judgment of digital assets to return to the essence of consumption and use, avoiding the risk of "air assets".
The final closed loop occurs at the consumption and data level. Users acquire digital rights through consumption and interaction, and the consumption of these rights directly drives the sales of physical goods or the redemption of services. At the same time, the high-value user behavior data generated throughout the process feeds back into the company's precision marketing, product innovation, and user relationship management, forming a growth flywheel of "consumption-data-assets-re-consumption".
The maturity of this closed-loop system signifies the birth of a new business language: the value of goods and services can be more flexibly defined, divided, transferred, and enhanced through digital rights.
III. Independent Path: RDA, a Chinese Path Initiated from the Consumer End
While the world discusses how blockchain technology can tokenize financial assets such as real estate and bonds (i.e., RWA), China's industrial practice has taken a different but pragmatic path—RDA (Real Estate Depository). This is an independent and innovative path that does not start with financialization, does not rely on the virtual currency system, but instead focuses on consumption, data, and real-world rights.
The fundamental difference stems from different starting points and constraints. Overseas RWA explorations mostly focus on financial efficiency, striving to put traditional assets on-chain to improve liquidity. In contrast, China's RDA was born from a strong real economy, abundant consumption scenarios, and a strict financial regulatory environment. Its primary task is to serve the digital transformation of the real economy, rather than to create new financial derivatives.
Therefore, we see that the digital assets of pioneers like Moutai are always closely linked to a bottle of wine, an experience, or a membership privilege. The advantage of this path lies in its solid implementation and sustainability. It bypasses the drastic fluctuations and regulatory uncertainties of the cryptocurrency market, directly connecting to China's vast consumer market. The value created at each step is clearly visible—whether it's enhancing brand loyalty, boosting direct sales, or accumulating private domain user assets.
This is not a defensive, conservative choice, but a rationally optimal solution based on the current realities. It proves that within the existing legal and financial framework, digital technology can also profoundly transform the form and circulation of assets, and may give rise to broader and more stable application prospects than the financialization path.
IV. Conceptual Unification: Decoding the Diverse Forms under RDA Logic
The industry is often confused by the coexisting concepts of digital collectibles, digital cultural and creative products, consumer points, and data assets in the market. However, under the RDA paradigm, these concepts are unified: they are not separate things, but rather specific manifestations of the same core RDA logic in different scenarios and at different stages of development.
This is similar to how water exists in different states—ice, water, and vapor—at different temperatures, but its molecular structure (H₂O) remains unchanged. The "molecular structure" of RDA is a "digitalized certificate of verifiable value."
Digital collectibles/cultural and creative products represent the initial form of this certificate in the field of cultural consumption, emphasizing its unique cultural attributes and collectible value.
Consumer points are the traditional form of this certificate in the fields of membership and marketing. RDA paradigm upgrades it into "smart points" that are immutable and can be transferred in a limited manner through blockchain technology.
Data assets are the underlying and derived form of this certificate. Every interaction a user has with RDA (acquisition, exchange, and redemption) generates high-value behavioral data. After compliance governance, the right to use or benefit from this data can itself become a new type of digital asset.
The evolution of Moutai's "Xunfeng" perfectly illustrates this integration and evolution. Initially, the "Twenty-Four Solar Terms" digital collectibles were typical digital cultural and creative products; subsequently, they became vouchers for redeeming physical Moutai liquor; on the "Xunfeng Wujia" platform, they became exchangeable digital assets; and the user co-creation and transaction data accumulated throughout the platform constitute Moutai's valuable data assets.
Unifying this cognitive language is crucial for the industry. It means that when planning their digital strategies, brands shouldn't get bogged down in choosing which "trendy tools" to use, but rather return to the essence: How can I design a digital rights system that can establish ownership, circulate, and ultimately anchor to tangible value to deeply bind my users?
V. Industry Adaptability: RDA will become a standard infrastructure in the high-relationship net worth industry.
For high-relationship-value industries such as retail, healthcare, consumer goods, and cultural tourism, Moutai's RDA practices are not an unattainable benchmark, but rather a highly valuable roadmap. This logic aligns perfectly with the pain points these industries urgently need to address.
In today's world where loyalty programs often face issues like dormant points and declining appeal, RDA offers a solution for upgrading. For example, a high-end health management institution's core challenge is building long-term trust relationships with high-net-worth clients that go beyond one-time services. Drawing inspiration from the RDA paradigm, it can issue digital benefits tied to dedicated health concierge services, annual in-depth medical checkups, or priority access to cutting-edge health therapies.
These benefits are inherently attractive and have a sense of "value preservation" due to their scarcity and practicality. Customers can acquire them by achieving health goals (such as consistently checking in for exercise), referring new customers, or participating in community content co-creation. More importantly, within a compliant framework, these benefits can be safely and reliably gifted or transferred within the customer's social circle, which implicitly endows them with the attributes of social currency, greatly enhancing customer loyalty and their willingness to actively spread the word.
This logic also applies to high-end retail (issuing RDAs tied to priority purchase rights for limited-edition new products or exclusive rights for designers), automotive services (digitizing maintenance packages and hardware upgrade rights), and even the cultural tourism industry (assetizing the rights to stay in distinctive homestays and participate in intangible cultural heritage experience classes). The core is to transform what were originally one-off, ambiguous customer relationships into digital assets that can be accumulated, quantified, and even transferred in a limited manner.
While your competitors are still using discounts to attract repeat purchases, you've already begun issuing "digital assets" to your super users, representing identity and future benefits. This is no longer just marketing innovation, but a paradigm shift in customer relationship management and value delivery systems.
VI. The Future as Usual: From Trendy Plays to Core Capabilities in Enterprise Digitalization
Looking back at the digital asset boom since 2021, the hype and bubble are fading, leaving behind practices like those of Moutai, which cultivate it as a long-term strategy rather than a short-term tactic. This indicates a fundamental shift: in the Chinese market, the exploration of digital assets (or more accurately, RDA) has moved from a period of debate about "whether it can be done" to a period of capacity building on "how to do it continuously and systematically".
It is no longer a speculative play chasing trends, but is becoming an integral part of the normalized digital infrastructure for enterprises to compete in the future. This infrastructure includes several core components: rights and interests design capabilities that are deeply integrated with business operations, a compliant and controllable blockchain technology platform, an operational system that connects online rights and interests with offline performance, and organizational capabilities for user operations and community co-creation around digital assets.
Its normalization means that it will become an indispensable component of an enterprise's operational platform, just like its CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) systems. In the future, evaluating the digitalization level of a consumer enterprise will not only depend on its online sales ratio, but also on whether it possesses an active, healthy, and value-creating digital rights ecosystem.
Over nearly four years, Moutai has demonstrated to the industry the process of building this infrastructure from scratch and through continuous iteration. From the "Spring Begins: Beauty from Nature" digital collectible rights exercise in 2023 to the "Digital Collectible IP Co-creation" in 2025, each step has been a stress test and functional upgrade for this system.
When users become accustomed to spending time in the "Xunfeng" world brewing and exchanging digital collectibles, and ultimately receiving a physical bottle of Moutai, a new consumer mindset has been established. On the "Digital Ecosystem Co-creation Platform" built by Guizhou Moutai and partners such as NetEase, future brands may no longer ask "Should we create digital assets?", but rather consider how to plan their RDA issuance plans, equity systems, and ecosystem collaborations in the same way they operate product lines.
Some of the information comes from the following sources:
(The “My Xunfeng - Huang Xiaoxi’s Journey” LBS interactive experience will begin trial operation on September 30th)
• (The next big trend: RWA's asset revolution anchored in the liquor industry)
(How China's King of Liquor Achieved a Systematic Strategic Upgrade) – Decoding the Secrets to Moutai's High-Quality Development Based on its Q1 2025 Financial Report
Author: Liang Yu; Editor: Zhao Yidan