MG India Launches NFTs And Is The First Carmaker To Do So

MG will initially release 1,111 NFTs which will go live on December 28

MG India has become the first carmaker in India to launch its own NFTs (non-fungible tokens). It did so in partnership with KoineArth. A total of 1,111 NFTs will go live on KoineArth’s ngageN platform on December 28 and they will be centred around Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).

For those of you unaware, NFTs are a popular method to own digital assets such as images, GIFs, audio files, tweets and videos. These assets are listed on a blockchain, which is also a fundamental method of operation for cryptocurrencies. Blockchains are essentially public ledgers where the ownership of a particular asset is authenticated by the public. It allows for a more transparent representation of monetary assets.

The NFTs will be sold in INR and will have full GST compliance. The buyer will get a receipt and a certificate of authenticity using the blockchain.

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."

MG India began its outing in the Indian market with the Hector. It then followed it up with the ZS EV, Gloster, Hector Plus and now the Astor. All these cars have one thing in common and that they offer amazing tech based features and the internet is integral to their functioning. It is therefore not surprising that MG has adopted NFTs, a medium which has the potential to revolutionise the car buying and car ownership experience in the future.