MG Motor India has announced its foray into the non-fungible token (NFT). With this, the OEM says it has become the first carmaker in India to launch a collection of NFTs.
A non-fungible token is a unit of data stored on a digital ledger, most commonly known as blockchain technology. The structure certifies a digital asset to be unique and therefore not interchangeable (non-fungible).
The MG NFT collection will go on sale starting December 18, 12pm onwards, with 1,111 units of digital creatives as part of the launch collection. The OEM will introduce its maiden NFT on KoineArth’s NgageN platform that has been especially customised for MG' transactions.
The company says since its inception it has focused on four core pillars – diversity, experience, community, and innovation. Building on its beliefs, the MG’s NFTs will be categorised into 4 ‘C’ segments: Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).
Gaurav Gupta, chief commercial officer, 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."
The NFTs will be the veritable key to the future of collaborative technology.