MG Motor India Becomes 1st Carmaker In India to Launch NFT

MG Motors India launches its NFTs and the proceeds from the collection will go to community service.

British manufacturer, MG Motors, becomes the first car manufacturer in India to launch its collection of non-tangible tokens (NFT). The MG NFT will go on sale from 28th December, 12 noon onwards. There will be a total of 1111 units of digital creative up for auction. The automakers' collection will be available on KoineArthsNgageN platform that has been customized especially for MGs transaction.

Speaking on this occasion, Mr Gaurav Gupta, from MG Motors 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 socialize 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. 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.

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MG Motors is built on four core pillars  diversity, experience, community, and innovation. MGs NFT will be available in 4 C segments -  Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).

As far as the collaboration goes, the founder of KoineArth (the platform on which MGs NFT will be available), Mr Praphul Chandra has 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. We look forward to a fruitful partnership with the brand and building on NFT momentum."

Also Read- MG Hector and Gloster Get Costlier By Upto Rs 50,000

MG Motor India currently boasts an SUV-heavy line-up that includes the  - Hector, Hector Plus, Gloster, Astor, and the ZS EV. The Astor was its recent launch, and there are 3 more SUVs awaiting launch, namely, Marvel X, Baojun 510, and an updated ZS EV for 2022. The RC-6 sedan and MG 3 hatchback are also in the pipeline that will launch in the next year.

What do you think about MGs foray into NFT? How will the company benefit from this innovative technology? Let us know in the comment section. You can also Join our 91Wheels Telegram and 91Wheels Whatsapp group to know more about vehicles, conduct discussions on your favourite ride, and much more! Also, you can subscribe to our Youtube channel for video content on the latest from the world of cars and motorcycles.