MG Motor Becomes First Automaker to Launch NFTs in India

MG Motor India becomes the first automaker in the country to launch a collection of non-fungible tokens (NFTs). Having said that, the British automaker will start selling its NFT collection from 28th December, 12 noon onwards. Furthermore, the I I I I units of digital creatives will be a part of the launch collection. MG plans to introduce its maiden NFT on KoineArth’s NgageN platform which has been especially customised for MG' transactions. All the funds collected from the brand’s inaugural NFT collection will go towards community service. 

“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," as commented by Gaurav Gupta – MG Motor India.

Talking about the non-fungible token (NFT) in detail, it is a unique and non-interchangeable unit of data stored on a digital ledger. It can further be associated with reproducible digital files like videos, photos, and audios. MG claims that its NFTs will be the veritable key to the future of collaborative technology. It will be categorized into four ‘C’ segments namely  Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform). The automaker will be sticking to its beliefs to build this. Since its inception, it has focused majorly on its four core pillars namely diversity, experience, community, and innovation. 

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“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," as commented by Praphul Chandra- Founder, KoineArth.