Xugong Group and Conflux Launch “For Real” NFT Online Plan

On March 31, Xugong Group, the world’s third largest construction machinery brand, and Conflux officially launched the NFT “For Real” online plan, and launched the NFT whitelist lottery on the taskon activity platform.

XCMG and Conflux jointly launch NFT limited whitelist activity

On March 31, 2021, Xugong Group, the world’s third-largest construction machinery brand, and Conflux officially launched the NFT “For Real” online plan, making it the first time for a traditional enterprise to actively explore a decentralized digital asset market. The two companies launched the NFT whitelist lottery on the TaskOn activity platform, aiming to use NFTs to enable smart manufacturing and industrial resource allocation.

What is NFT?

NFT, also known as the non-fungible token, is a digital asset that represents ownership or proof of authenticity of a unique item such as art, music, or collectibles. Unlike Bitcoin or other cryptocurrencies, each NFT has a unique code that distinguishes it from any other asset, making it a one-of-a-kind item. NFTs use blockchain technology to verify and store ownership details, creating an unalterable proof of authenticity.

How the “For Real” NFT Online Plan operates?

The “For Real” NFT online plan is aimed at utilising NFTs to improve the efficiency of smart manufacturing, providing a unique asset ownership mechanism that boosts the value creation and distribution of digital assets. The plan is guided by the principle of creating an industrial chain of digital assets and providing innovative solutions for connecting the digital and physical worlds.
The first phase of the plan involves the release of 6 categories of digital assets, including laboratory equipment, construction machinery, mechanical equipment, industrial automation equipment, environmental equipment, and mining machinery. Each category of asset holds a crucial position in the international industry and represents an extremely high degree of technical difficulty in terms of digitization.
For the release of each asset, a whitelist lottery will be launched on the TaskOn activity platform, targeting digital asset enthusiasts and fans of Xugong Group around the world. Lottery winners will be awarded a unique NFT corresponding to the asset’s ownership, making them the sole proof of ownership of the said asset in the world.

Impact and implications of NFT on traditional enterprises

The “For Real” NFT online plan marks a new chapter in the exploration of digital assets by traditional enterprises. The plan aims to seamlessly integrate the verified value of traditional industries with the decentralized digital asset market, effectively tapping into the potential of digitisation for industrial resources.
As blockchain technology continues to mature, traditional enterprises are starting to see the value in adopting blockchain to improve their value chains, making them more efficient and secure. NFTs offer new opportunities for traditional enterprises to engage with a broader audience, foster innovation and provide new solutions for value creation.

Conclusion

The “For Real” NFT online plan marks a significant milestone in the digitization process of traditional enterprises like Xugong Group. By tapping into the potential of blockchain technology and launching unique NFTs corresponding to high-value assets, the company has demonstrated its willingness to engage with the emerging decentralized digital asset market, which can significantly boost value creation and distribution.
The initiative showcases a positive step towards digitization of assets and helps foster innovation. The repercussions and overall impact of the success of the scheme may pave the way for other traditional enterprises to engage with the exploding blockchain and digital asset markets.

FAQs

1. How does the “For Real” NFT Online Plan work?
The plan is aimed at improving the efficiency of smart manufacturing by utilizing NFTs, which provide a unique asset ownership mechanism that boosts the value creation and distribution of digital assets. The lottery winners are awarded a unique NFT corresponding to the asset’s ownership, making them the sole proof of ownership of the said asset worldwide.
2. What is the “For Real” NFT Online Plan?
The “For Real” NFT online plan is an initiative by Xugong Group and Conflux that aims to enable smart manufacturing and industrial resource allocation using NFTs. The plan is guided by the principle of creating an industrial chain of digital assets and provides innovative solutions for connecting the digital and physical worlds.
3. What is NFT?
NFT, also known as the non-fungible token, is a digital asset that represents ownership or proof of authenticity of a unique item such as art, music, or collectibles. Unlike Bitcoin or other cryptocurrencies, each NFT has a unique code that distinguishes it from any other asset, making it a one-of-a-kind item.