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MG Motor India to launch over 1,000 NFTs for first time, sale to begin from December 28

The MG NFT collection will be available for purchase beginning December 28 at 12 pm, with 1,111 units of digital creatives included in the debut collection.

MG Motor India to launch over 1000 NFTs for first time sale to begin from December 28 gcw
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New Delhi, First Published Dec 17, 2021, 2:33 PM IST
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MG Motor India announced its entry into the non-fungible token market (NFT). With this announcement, the British automaker has become the first in India to introduce a selection of NFTs. The MG NFT collection will be available for purchase beginning December 28 at 12 pm, with 1,111 units of digital creatives included in the debut collection.
The carmaker will launch its first NFT on KoineArth's NgageN platform, specially developed for MG transactions. Collectables, community and diversity, collaborative art, and CaaP will be the four "C" categories for MG's NFTs (Car-as-a-Platform).

Gaurav Gupta, MG Motor India, commented on the news, saying that innovation has always been a driving force for MG as an Auto-Tech brand. The company is taking a step toward socialising NFTs with its new project. He stated that as this evolves, it would bring together MG owners, fans, MGCC members, and the greater community to celebrate and own key digital creatives in their different forms. He also stated that they are expanding their current partnership with KoineArth for our venture into NFT and that the earnings from this first sale would be used to fund community service through MG SEWA.

Also Read | Kamal Haasan to be first Indian actor to step into Metaverse, launch his own NFT collection

KoineArth's Founder, Praphul Chandra, indicated that the company's collection with the automobile OEM will be INR-based and GST-compliant. As part of the company's collaboration with MG Motor in its first foray into the NFT, it will have a unique certificate of verification for customers utilising blockchain technology.

NFTs are digital collectables produced on the blockchain network, and their ownership is also locked and transferable on the network. Several brands from various categories have recently debuted their NFT series. Other brands that have brought in their unique NFTs include Pepsi, Macy's, Taco Bell, Burger King, and McDonald's. Several celebrities in India, notably Bollywood stars Amitabh Bachchan and Salman Khan, have released their own NFT collections.

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