First Car Maker MG Motor has announced the launch of its foray into the non-fungible token (NFT).
Moreover, the company revealed that it will commence the sale of a total of 1111 units of digital creatives — its art which includes GIFs and static images will be up for auction and it will start selling the NFT collection from December 28, 2021.
MG Motor India Chief Commercial Officer Gaurav Gupta said,
With this new initiative, we are taking a step towards socializing with the NFT teams. Set to bring MG owners, fans, members of MGCC and the broader community together to celebrate and own the priceless digital designs in its many forms.
Moreover, the MG’s NFTs will be divided into four divisions. This includes Collectibles, Community & Diversity, Collaborative Art, and CaaP (Car-as a-Platform). More so, the MG also claims that its NFTs will be the future of collaborative technology future. Gupta added about the proceeds from the first auction to support girls’ education under the MG Sewa program.
MG Motor India will get into the NFT space through KoineArth’s NgageN platform. As per Government regulations, transactions will not happen in cryptocurrencies, but through fiat India rupees.
KoineArth Founder Prafull Chandra said,
Our association with MG Motor on its first trip to the NFT is an exciting moment for us. At KoineArth, we are committed to creating timeless legacies for the most iconic brands through trusted NFTs.
In addition, Chandra added that their portfolio with MG will be INR-related and also GST complaint which is a unique certificate of authentication for buyers utilizing the blockchain technology. In fact, he adds ‘We look forward to a fruitful partnership with the brand and building on the momentum of NFT’.
Notably, several brands like Budweiser, Pepsi, Coca-Cola, Burger King, and McDonald’s NFTs have launched exclusives in order to keep pace with the increasing user interest in digital collectibles.
Furthermore, many Bollywood celebrities in India like Amitabh Bachchan, Rajinikanth, Cricketer Sunil Gavaskar, and many others have launched NFTs.