British automaker MG Motor, which currently offers SUVs like Hector and Gloster in India, has become the first automaker in the country to launch a collection of non-fungible tokens (NFTs). MG Motor India expects that the launch of NFTs will help boost the brand’s fan base.
The company announced that it will commence the sale of a total of 1111 units of digital creatives — its art, including GIFs and static images — up for auction and it will start selling its NFT collection from 28th December.
Gaurav Gupta, Chief Commercial Officer, MG Motor India, said, "As an Auto-Tech brand, innovation has always been a driving force for MG. With this new initiative, we are taking a step to socialize NFTs. As this evolves it is set to bring MG owners, fans, MGCC members, and the wider community together to celebrate and own invaluable digital creatives in its numerous forms."
MG’s NFTs will further be categorised into four segments: Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform). MG also claims that its NFTs will be the veritable key to the future of collaborative technology.
The proceeds from the maiden auction to support the girls' education under its MG Sewa programme, Gupta added. NFTs are a type of crypto asset, with a unique token each, and can be used as a digital certificate of authenticity for any asset, digital or physical, such as a one-of-a-kind work of art.
MG Motor India will enter the NFT space with KoineArth’s NgageN platform. However, in compliance with government regulations, transactions will not be made in cryptocurrencies, but in Indian rupees.
Praphul Chandra, Founder, KoineArth, said, “Our association with MG Motor in its debut voyage into the NFT is an exciting moment for us. At KoineArth, we are committed to creating immortal legacies for the most-loved brands through credible NFTs."
"Our collection with MG will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology. We look forward to a fruitful partnership with the brand and building on NFT momentum," said Chandra.
Recently, several brands like Budweiser, Pepsi, Coca-Cola, Burger King and McDonald’s have launched their exclusive NFTs to keep up with the growing consumer interest in digital collectables.
In India, Bollywood celebrities like Amitabh Bachchan, Rajnikanth and cricketer Sunil Gavaskar, among others, have also launched NFTs. Interestingly, Bachchan’s collection of NFTs — a collection of his father’s poem Madhushala NFT, The Lootbox NFT and Iconic Vintage Posters NFT — were auctioned for Rs 7.18 crore, the highest ever in the country.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today