XCMG Group Releases Web3 Exploration Plan

Following along with the concepts of Metaverse and Web3, Xuzhou Construction Machinery Group (XCMG ) announced the Bored Ape NFT series number #3489 as its ambassador at the construction machinery exhibition at the Las Vegas Metaverse, and released its Web3 exploration linkage plan.

The plan is to develop an NFT series named “For Real”. According to its official website introduction, this series of NFTs was jointly launched by XCMG and Zen Spark Technology Pte Ltd, which is the starting point for XCMG to explore Web3. The company’s official website said that this series of NFTs will be forged on the Ethereum Network, but the selling price and total amount have not been announced yet.

The official website states: “The purpose of this series of NFT is to move towards a more inclusive and open digital economy together with the residents of the digital world. At present, the global regulation of Web3 is gradually becoming clear, especially encouraging is the relevant policies in Hong Kong and implement. We believe that Web3 and blockchain technology will bring substantial changes to the world. In the future, on the premise of compliance, we will explore more practical applications and create value in the high-performance blockchain with the help of XCMG’s global network in 191 countries and high-quality and high-performance products together with the encryption community. “

As a result of this new offering, XCMG has become the latest A-share listed company with a set of its own “boring apes”. In addition to many famous people at home and abroad, listed companies such as Greenland Group, Beixun and Li Ning have also purchased boring apes NFTs. According to OpenSea, the floor price of “#3489 Bored Ape” purchased by XCMG is now worth about 60ETH, equivalent to 750,000 yuan (about $110,000) according to the current market price, but the purchase cost of XCMG is unclear.

XCMG is headquartered in Xuzhou City, Jiangsu Province, China. It is the largest construction machinery manufacturer in China, and its main products cover various uses such as hoisting, shovel transportation machinery, excavation, road construction and maintenance machinery. In the science fiction film Wandering Earth 2 released in January 2023, many construction machinery vehicles were built by XCMG.

Recently, XCMG released the third quarter report for 2022. According to the report, as of the end of the reporting period, the company’s total operating income was 75.11 billion yuan (about $10.924 billion), down 19.82% year-on-year, and net profit attributed to parent company owners was 4.676 billion yuan, down 31.33% year-on-year.

According to the single-quarter data, the total operating income in the third quarter was 36.906 billion yuan, down 8.74% year-on-year, and the net profit attributed to parent company owners in the third quarter was 2.355 billion yuan, down 21.65% year-on-year. Up to now, the share price of XCMG is 6.74 yuan/share, with a total market value of about 79.6 billion yuan (about $11.577 billion).

SEE ALSO: Bored Ape Yacht Club Partners With Rolling Stone for Two 1/1 NFTs

It is worth mentioning that Bored Ape, born in April 2021, is officially called the “Bored Ape Yacht Club”. There are 10,000 profile photos with different shapes and has become emblematic of the NFT space around the world. At one point, each profile photo was worth several millions of RMB. At present, more and more enterprises are beginning to create new marketing methods with the help of Bored Ape NFTs.

Previously, Li Ning also purchased Bored Ape NFT #4102. The company combined its Bored Ape IP with the design elements of “China Li Ning”, and sold it as a formal commodity in mass production on the basis of secondary creation, exploring a new business model of combining virtual NFTs with physical commodities.