By SI Linwei

Xuzhou Construction Machinery Group (XCMG), China’s largest heavy machinery manufacturer, is getting into the Web3 business.

The company unveiled NFT Bored Ape #3489 as its new metaverse ambassador at the CONEXPO CON/AGG 2023, which took place from March 14 to 18 at Las Vegas Convention Center.

According to its official website, XCMG is teaming up with Zen Spark Technology to launch an NFT series called “For Real”. The NFT will be forged in the Ethereum network, but the number for sale and price have not been disclosed.

“We want to issue NFTs to help build a more inclusive digital economy,” XCMG said in a note published on its website. “We believe blockchain and Web3 will change the world.”

Open data showed that Bored Ape #3489 is worth at least 60 ETH, which is about 750,000 yuan (US$109,000). How much it cost XCMG is unclear.

Bored Ape is arguably the most famous NFT and has been chased by many Chinese companies. Property developer Greenland Holdings, sportswear Li-Ning and massager maker Breo all have brought Bored Ape NFTs.

XCMG is known for making excavators and cranes. It has recently been trending on Chinese social media for making the prop machinery for the Chinese blockbuster Wandering Earth 2.

Movie fame apart, in its latest financial report, XCMG’s revenue in the first three quarters last year was 75.1 billion yuan, down 20 percent year on year, with net profit down one-third to 4.68 billion yuan.