NFTs, which were initially regarded as virtual assets, experienced a speculative boom in recent years but lacked direct connections to tangible assets. However, a paradigm shift has occurred as companies have embraced the convergence of technology, culture, and a blend of Eastern and Western influences to imbue traditional products with newfound empowerment. Notably, this transformation has extended to the realm of high-end wines, which are now being reimagined as unique art collectibles.
Samuel Lam Hon Yuen, CTO of REIGN, astutely recognized the substantial appreciation potential inherent in Maotai, an esteemed Chinese liquor. Through the strategic amalgamation of Eastern and Western artistic elements with NFT technology, REIGN has successfully established a mechanism to authenticate the genuineness of Maotai while concurrently augmenting its intrinsic artistic value. This innovative approach has created unprecedented avenues for Maotai to appreciate in value and desirability.
In a recent interview with Hong Kong Wen Wei Po, Samuel Lam Hon Yuen revealed that REIGN embarked on its Web3 exploration in 2023, commencing a three-year journey toward revolutionizing the industry. Operating under the brand name REIGN, the company acts as a distinguished agent for a diverse array of art-tech products, showcasing masterpieces including Klimt's "The Kiss," works by Picasso and Van Gogh, and an extensive assortment of other art treasures. REIGN seamlessly integrates these cultural artifacts with cutting-edge art technology and blockchain solutions, elevating the overall experience for collectors and enthusiasts alike.
The company has opted to integrate NFT technology with Maotai liquor by packaging it in gift boxes featuring famous Van Gogh paintings. This innovative approach presents the liquor as a valuable artwork. These gift boxes are equipped with chips that can be scanned using smartphones to verify authenticity, incorporating rigorous verification processes for accuracy. By utilizing NFT technology, consumers who possess these products can experience a heightened sense of certainty. Furthermore, when transferring the products in the future, NFT technology can be utilized to provide proof of authenticity, eliminating the need for intermediary verification processes and offering practical value.
In addition, the company has skillfully blended Chinese and Western elements, creating special editions tailored to specific years. For instance, in celebration of the Year of the Dragon, they have introduced a Dragon Year version with a gift box showcasing a fusion of Chinese and Western art depicting the Year of the Dragon, while housing Maotai liquor. This strategic approach not only enhances the product's appeal but also positions it as a unique collectible.
Samuel Lam Hon Yuen further elucidated that the fusion of art, technology, and blockchain encompasses three primary facets. Firstly, blockchain technology enables the creation of distinctive products by leveraging artificial intelligence and encryption techniques, resulting in diverse applications and the generation of unique visual representations.
The second facet involves enriching the user experience through the utilization of emerging technologies like virtual reality (VR) and other applied technologies. While still in the developmental stage, these technologies are poised to become indispensable components of daily life in the future.
Lastly, the company aims to shape the metaverse, an area in which they have made investments, to establish distinct brand characteristics. Using the Dragon Year Maotai as an example, the product can be seamlessly integrated into the metaverse, incorporating dragon elements as well as interactive and gaming features. Samuel Lam Hon Yuen believes that the dragon zodiac sign is already highly popular among Chinese consumers, and when combined with the "Year of the Dragon effect," it is expected to significantly enhance the value of Dragon Year Maotai liquor.
Samuel Lam Hon Yuen unveiled that following the integration of art, technology, and blockchain, the Dragon Year Maotai is priced over hkd10k, this valuation primarily stems from the meticulous craftsmanship involved in creating the gift boxes, coupled with the global distribution strategy that emphasizes rarity. This echoes the dynamics observed in the high-end luxury goods market, where certain brands of handbags, for example, are difficult for consumers to acquire. Consequently, each product must possess a unique quality, with scarcity serving as the key driver in enhancing consumer confidence. The elevated value of this product can be attributed to its scarcity, as only a limited number of pieces are available worldwide.
According to Samuel Lam Hon Yuen, the primary motivation behind these consumers' purchases is to build collections and capitalize on potential investment gains. The company's strategic approach involves cultivating a market for both gift items and art pieces, wherein the incorporation of artistic elements and NFTs transforms the products from mere commodities to artistic creations. Consequently, the pricing of these items can be adjusted accordingly. It is important to note that their value extends beyond monetary measures and is contingent upon individuals' preferences and appreciation.
This innovative approach to enhancing product value holds immense potential for application in Guizhou or other Chinese brands. Samuel Lam Hon Yuen posits that regional specialties such as medicinal herbs, food products, and chili can significantly bolster their appeal through innovative packaging techniques and a fusion of Eastern and Western influences, following the example set by the company's exquisite gift boxes.
Furthermore, Samuel Lam Hon Yuen underscores the significance of selecting appropriate sales locations, even if the gift boxes' craftsmanship attains a high level of technical proficiency. The company has strategically chosen renowned venues such as K11 MUSEA, Elements mall, Landmark Central and Tokyo . Notably, their products have also found a place in the Hong Kong Museum of Art, where they are transformed into works of art. Consequently, when presented as gifts, they transcend being mere containers and become unique pieces of art. By incorporating artistic and NFT elements, these products can be positioned as artworks, thereby justifying corresponding price increases.
Source: WenWeiPo 文匯報
