MG Motors first carmaker in India to launch NFT

MG Motor India

MG Motor India, on December 16, announced its foray into the non-fungible token (NFT), making it the first carmaker in the country to launch a collection of NFTs.

"The MG NFT collection will go on sale starting 28th December, 12 Noon onwards, with 1,111 units of digital creatives as part of the launch collection," MG Motors said in a statement.

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The carmaker said that its NFTs will be categorised into 4 “C” segments -- Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).

Speaking on the launch, 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."

The maiden NFT will go live on KoineArth’s NgageN platform, which has been customised for MG' transactions.

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"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 said.

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."

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NFTs are digital assets stored on a ledger called a blockchain that certifies a digital asset to be unique and, therefore, not interchangeable. NFTs can be used to represent photos, videos, audio, tweets and other types of digital files.