MG becomes first carmaker in India to launch NFTs

MG Motor India on Thursday has announced the launch of non-fungible token (NFT). With this, the British automobile brand becomes the first carmaker in India to launch NFTs. As the carmaker claims, fund collected from the brand’s inaugural NFT collection will go towards community service.

MG Mortor India will start selling the NFTs from 28th December, 2021. The carmaker will introduce 1,111 units of digital creatives as part of the launch collection. MG Motor India will introduce its maiden NFT on KoineArth’s NgageN platform that has been especially customised for MG' transactions.

A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio.

Speaking on the announcement, Gaurav Gupta – MG Motor India, said that as an auto-tech brand, innovation has always been a driving force for the automaker.

"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," Gupta further added in his statement.

The car brand claims that these NFTs will be the veritable key to the future of collaborative technology.

Praphul Chandra- Founder, KoineArth, said, that under the company's association with MG Motor in its debut voyage into the NFT, its collection with the car OEM will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology.