China’s XCMG Ventures into Metaverse Using BAYC’s NFTs

China’s XCMG, a major construction machinery group, has announced its entry into the Metaverse and Web3 fields, as well as its plans to release an NFT collection.

XCMG has positioned itself as the world’s third-largest construction equipment manufacturer and ranks 65th on the list of China’s Top 500 Enterprises. The company has more than 2,000 service bases in 183 countries and regions around the world, making it a significant player in the industry.

The company has revealed that it will make BAYC 3489, a popular monkey-themed NFT collection, its ambassador. XCMG’s move into the NFT space is part of its broader strategy to embrace the decentralized, open, and comprehensive digital economic zone that Web3 promises to deliver. As a starting point, XCMG has partnered with Zen Spark Technology to launch an official NFT collection called “For Real” on the Ethereum network.

The NFT collection will feature BAYC motifs, and XCMG explained that the company owns BAYC’s NFTs and wants to send a message to the cryptocurrency community that it supports the NFT ecosystem by utilizing BAYC. With commercial rights to their respective monkey illustrations, BAYC NFT holders can use their NFT illustrations as motifs for marketing and products. XCMG also plans to leverage this mechanism.

“For Real” will soon be available on the project’s official website and secondary distribution channels such as Opensea and Blur. While the design of the NFT collection is still unclear, XCMG’s announcement shows that the company is committed to exploring the practical applications of blockchain technology and collaborating with the crypto asset (virtual currency) community.

XCMG stated that it is encouraged by the clear global regulations regarding Web3, with relevant policies being implemented in China and Hong Kong in particular. With the potential for blockchain technology to bring about a significant change in the world, XCMG aims to leverage its network of 191 countries and high-quality product lines to explore practical adoption cases on blockchain while complying with regulations.

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