XCMG utilizes BAYC’s NFT to advance to Web3
China’s major construction machinery group XCMG announced on the 17th that it will enter the Metaverse and Web3 fields. We also plan to release an NFT (non-fungible token) collection.
XCMG will make BAYC 3489, one of the popular monkey-themed NFT (non-fungible token) collections “Bored Ape Yacht Club (BAYC)”, its ambassador.
Say hello to my first NFT – #BAYC 3489! This cool ape is all about adventure and creativity. I can’t wait to join the Web3 community with it and discover new possibilities together. #BAYC #NFTs #Web3🌎 @BoredApeYC #NFTs #Web3 pic.twitter.com/krDVGPUpFi
—XCMG for Real (@WEB3_XCMG) March 17, 2023
According to XCMG, the company is the world’s third largest construction equipment manufacturer. It ranks 65th on the list of China’s Top 500 Enterprises and 2nd on the list of China’s Top 100 Machinery Manufacturers, and has more than 2,000 service bases in 183 countries and regions around the world.
With the advance of Web3, it is a stance to realize a new decentralized, open and comprehensive digital economic zone.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
NFT collection launch
As a starting point, XCMG will launch the official NFT collection “For Real” on the Ethereum (ETH) network in collaboration with Zen Spark Technology.
The NFT collection is also expected to include BAYC motifs. Regarding this background, XCMG explained that the company owns BAYC’s NFTs and wants to send a message to the cryptocurrency community that the company supports the NFT ecosystem by utilizing BAYC.
BAYC NFT holders are granted commercial rights to their respective monkey illustrations. As a result, companies and individuals can use their NFT illustrations as motifs for marketing and products. XCMG is also expected to use this mechanism.
For Real will be published soon and will be available on the project’s official website. In addition, as a secondary distribution, it will be available for purchase at NFT markets such as Opensea and Blur. XCMG has the following to say about the uses and future plans for this NFT:
It is encouraging to see that global regulations regarding Web3 are gradually becoming clearer, with relevant policies being implemented in China and Hong Kong in particular.
We believe that Web3 and blockchain technology will bring about a big change in the world.
In the future, while complying with regulations, we will utilize XCMG’s network of 191 countries and high-quality product lines to collaborate with the crypto asset (virtual currency) community to explore highly practical adoption cases on blockchain. I want to
At this time, it is not clear what kind of design NFT will be released specifically, and what kind of practicality is being explored.
NFT situation in China
China launched its first government-backed NFT trading market in January. It will be jointly constructed and operated by the China Technology Exchange, a national institution, the China Cultural Heritage Exchange Center, and the Huaban Digital Rights Service Center, a private company.
However, since cryptocurrency transactions are prohibited in China, the renminbi is used instead of cryptocurrencies for NFT payments. In addition, since transactions are recorded in a centralized ledger developed by the China Cultural Heritage Exchange Center, they cannot be bought and sold on the global secondary market.
connection: China opens first government-approved NFT trading platform = report
In China, major companies such as Alibaba and Tencent, as well as public institutions, are also entering NFT. However, Tencent has decided to shut down its NFT platform, Huanhe, in the summer of 2022. It has already stopped selling NFTs and plans to stop all operations in June this year.
As a background, it is pointed out that sales of NFTs are sluggish, partly because secondary distribution transactions of NFTs are not permitted in China.
On the other hand, Hong Kong is aiming to be the center of Web3, and the Hong Kong Securities and Futures Commission (SFC) has released a draft that includes the approval of individual investors’ virtual currency trading by June this year. .
connection: Hong Kong government’s 2023 budget proposal, 6.8 billion yen for Web3 ecosystem development?
What are NFTs?
Abbreviation for “Non-Fungible Token”, a digital token that cannot be replaced and has a unique value. In addition to being used for exchanging “digital items” in blockchain games, it is also an epoch-making way for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales, as well as proof of ownership of high-priced art works. It is also attracting attention as a means of reduction.