NFTs are unique cryptographic tokens in the form of digital artefacts that exist on a blockchain and cannot be replicated. They have Unique Identification codes that differ from one another. NFT makes it possible to own all forms of digital assets including art music, etc. NFT or Non-fungible Tokens has taken the world by storm. Keeping up with the trend MG Motor India has announced the launch of a collection of 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 28 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’sNgageN platform which has been especially customized for MG transactions.
MG’s NFT will be categorized into 4 “C” Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform). The company has also announced that the proceeds for this median sale will go towards supporting community service under MG SEWA. According to KoineArth, the NFT collected will be INR-based as well as GST-compliant.
Official statement
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 socialize 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.”
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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.”