MG Motor India has today announced its entry in the NFT (non-fungible token) space. With this move, the brand became the first-ever car brand in the country to launch NFTs. The sale for the MG’s NFT collection will begin on December 28, 2021. The company will start selling the NF collection from Noon onwards. A total of 1,111 units of the digital creatives will be sold as part of the collection. For the sales of these NFTs, the company will use the KoineArth’s NgageN platform, which has been specially customised for the transactions of MG’s NFTs.
Ever since the company started its operations in the Indian market, it has been focussing on four core pillars for its future growth – diversity, community, experience, and innovation. The introduction of the NFTs is also based on these beliefs. However, the NFTs are planned to be categorised into four “C” segments, namely, Collaborative art, Community & diversity, Collectables, and Car-as-a-platform (CaaP).
On the launch of the first-ever NFTs from a car brand, 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, quoted, “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.”