comscore MG Motor India becomes first car maker to announce NFTs: Here's how to buy

MG Motor India becomes first car maker to announce NFTs: Here's how to buy

As part of MG's NFT collection the company will launch 1111 units of digital creatives, the new collection to go on sale from December 28.

MG Motor India NFT

MG Motor India has just ventured into NFT (non-fungible token) making it the first automobile company in the country to most talked space. As part of MG’s NFT collection, the company will launch 1111 units of digital creatives. Also Read - The most expensive NFTs ever sold: From a collage to a digital avatar

MG’s latest NFT collection will be listed on sale from 12 PM, December 28. The company notes that the NFTs will be categorised into four ‘C’ segments, namely, Collaborative art, Community & diversity, Collectables, and Car-as-a-platform (CaaP). Also Read - Weirdest NFTs ever: Digital farts, Burning Banksy, toilet paper and more

MG NFT collections: What’s in it for customers?

As cited by the carmaker, it will release assets specially catering to the NFT communities closely associated to the brand. The NFT collection will include pastel art of classic MG cars, the grand murals that are meant to commemorate the brand’s rich legacy, and the historic moments in MG’s journey in India. Also Read - Another day, another celeb joins NFT club, Eminem spends nearly $50,000 on Bored Ape NFT

“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,” Gaurav Gupta – MG Motor India, speaking on the announcement said.

For the sale of these new NFTs, the company said that it will use KoineArth’s NgageN platform, which is claimed to have been especially customised for MG transactions.

“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,” Praphul Chandra, founder of KoineArth stated.

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  • Published Date: December 16, 2021 5:40 PM IST

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