Royal Enfield enters NFT space with ‘Art Of Motorcycling’ programme

Royal Enfield has announced the launch of its NFTs featuring ten winning artworks from its ‘Art Of Motorcycling’ (AOM) programme. Art of Motorcycling was conceptualised to fuel creativity amongst artists, designers, illustrators motorcycle enthusiasts and creators to express their love for motorcycling. The manufacturer will introduce the winning artwork from seasons 1 and 2 as their first NFTs.

This is the first time that Royal Enfield is entering the NFT space. The proceeds from the sales of these NFTs will go directly to the artists. Puneet Sood, Global Head of Apparel Business at Royal Enfield said, "We are extremely proud to take this to the next level in the digital space, as we announce the launch of Royal Enfield’s first-ever NFTs to encourage this ever-growing community scale to new heights. With this launch, art created by our community can now be appreciated globally."

Royal Enfield will be listing ten digital collectables, priced at INR 15,000 each, in an Ethereum-based NFT marketplace ‘Foundation’ which is a globally-trusted platform. The NFTs are accessible to anyone across the globe, post registration on the platform.

What is NFT?

NFT stands for Non-Fungible Token and it is a unique and non-interchangeable unit of data stored on a digital ledger. Basically, it is a digital asset which has no real-world presence but it does represent real-world objects. NFTs use blockchain technology to establish a verified and public proof of ownership.

How does one prove that he/she is the owner of the asset?

A person can prove that he or she is the owner of the asset quite easily. When a person buys NFT, a unique token is transferred to his or her wallet. This token proves that the copy of the digital file is original. Moroever, at a particular period of time, there can be only one owner of NFT. So, the unique data associated with the NFT helps in verifying and transfer of tokens.