Thar NFT sells for record Rs. 11 lakh, Anand Mahindra says 'almost as expensive as buying the real one'

Days after Mahindra & Mahindra launched its non-fungible tokens (NFTs), with its first-ever tranche of tokens to be based on Thar, one of the digital pieces were sold for a record Rs. 11 lakh, the group said on Thursday. The group becomes the first Indian automotive company to enter the NFT space.

“Impossible? What’s that? The iconic Thar shows what it means to #ExploreTheImpossible in the NFT universe. MetaTHAR collectible ‘Standing Tall’ gets the highest bid of ₹ 11 lakh,” the Twitter account of Mahindra Thar, the company's premium sports utility vehicle, posted.

The NFTs were released in collaboration with Tech Mahindra, the IT arm of Mahindra Group. They were put up for sale via an auction starting March29, on Tech Mahindra’s NFT marketplace called “Mahindra Gallery”.

Impossible? What’s that? The iconic Thar shows what it means to #ExploreTheImpossible in the NFT universe. MetaTHAR collectible “Standing Tall” gets the highest bid of ₹ 11 lakh. https://t.co/rG4gISRxDt#TharNFT#mahindratharnftpic.twitter.com/s4YLBtot9S

— Mahindra Thar (@Mahindra_Thar) March 31, 2022

All proceeds from the auction will go towards Project “Nanhi Kali”, to support the education of underprivileged girls in India, the Mahindra group said.

“An overwhelming response to the auction which means it’s almost as expensive as buying the real #Thar! But that makes sense, since the NFT is truly one of a kind,” Mahindra group chief Anand Mahindra tweeted.

An overwhelming response to the auction which means it’s almost as expensive as buying the real #Thar! But that makes sense, since the NFT is truly one of a kind… https://t.co/ZfNDf82GRlpic.twitter.com/P0FOfuF64w — anand mahindra (@anandmahindra) April 1, 2022

Notably, NFTs are at the forefront of blockchain technology and have captured the interest of a significant digitally savvy audience.

According to Veejay Nakra, CEO of Automotive Division of Mahindra & Mahindra, the launch of NFTs is another step for the company to "leverage the next frontier of digital marketing". With the company's entry into the NFT space, it is all set to harness the countless possibilities of interacting and adding to the Mahindra brand and all nameplates, he added.