The sale of MG Motor India’s NFT collection will start from December 28, 2021.
MG Motor India has announced the launch of Non-Fungible Token ie NFT. With this, MG Motor India has become the first car company in the country to launch NFT. The sale of MG Motor India’s NFT collection will start from December 28, 2021. A total of 1,111 units of the digital creative will be sold as part of the collection. It will be sold through KoineArth’s NgageN platform.
Ever since the company started working in the Indian market, it is focusing on four key things for its future – Diversity, Community, Experience and Innovation. The introduction of NFT is also based on these assumptions. However, there are plans to divide NFTs into four “C” segments. These four segments are – Collaborative Art, Community and Diversity, Collectables, and Car-as-a-Platform (CaaP).
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On the launch of NFT for the first time from the car brand, Gaurav Gupta, MG Motor India said, “As an auto-tech brand, innovation has always been a driving force for MG. We are making our debut in NFTs in association with KoineArth. The proceeds from its first sale will be used for community service under MG SEWA. Praful Chandra, Founder, KoineArth said, “It is an exciting moment for us to be associated with MG Motor for their first NFT launch. Our collection with MG will be INR-based and GST-compliant, with a unique certificate of authentication for buyers using blockchain technology.”
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What is NFT?
An NFT or Non-fungible token is a unique identifier that can cryptographically assign and prove the ownership of a digital object. NFTs of digital artwork have been sold for millions of dollars. Broadly speaking, NFT is a digital asset that links the ownership of a unique physical or digital item. This asset can be a painting, real estate, music or video. In a way, these are collectible things of today’s era. These can be sold or bought online. NFTs are recorded on the blockchain in a very secure way. The same technology is also used in cryptocurrencies. This means that if a painting is NFT then it will be alone in itself. This technology will make its copying difficult. The original painting will not be tampered with.
(Article: Mohit Bhardwaj)
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