MG Motor India becomes the first carmaker in India to launch NFTs
MG Motor India has announced its foray into the non-fungible token (NFT). With this, the British brand has become the first carmaker in India to launch a collection of NFTs. The MG NFT collection will go on sale starting 28th December, 12 Noon onwards, with 1111 units of digital creatives as part of the launch collection. The automaker will introduce its maiden NFT on KoineArth’s NgageN platform that has been especially customised for MG' transactions.
Since its inception, MG Motor has focused on four core pillars (diversity, experience, community, and innovation). Building on its beliefs, MG’s NFTs will be categorised into 4 “C” segments: Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).
Speaking on the announcement, Gaurav Gupta – 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 socialise 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. We are extending our existing relationship with KoineArth for our foray into NFT and the proceeds from this maiden sale will go towards supporting community service under MG SEWA."
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."
NFTs will be the veritable key to the future of collaborative technology.