This has been around since 2016, though only available for sale since 2018. It uses waste byproducts of the brewing process to create a biodegradable/compostable cardboard-like substance. It can be consumed by some animals like manatees/turtles/fish but it’s not really intended to be fed to them, just more that it’s safe if it ends up in the environment.
I think the old plastic rings have been banned in some states. For cans I’ve mostly seen beer cans now coming in a thicker but more widely recyclable ring. Sometimes they come in paperboard boxes like the larger packs do and suspect that’s where the industry is moving. I’ve still seen something like the old rings come with soda in plastic bottles. Really not sure why they haven’t changed.