MG Motor gears up to release 1,111 NFTs in India

MG Motor gears up to release 1,111 NFTs in India

BUSINESS | DEC 17, 2021 | WOZINGA NEWS

MG Motor gears up to release 1,111 NFTs in India

  • MG Motor will be the first automaker company to release unique digital items in India. 

By Marielle Petere Wozinga Staff

MG Motor gears up to release 1,111 NFTs in India

MG Motor is ready to launch its series of NFTs in India, comprising 1,111 digital items on KoineArth’s NgageN platform. 

DappRadar, a market tracker, updated the volume of NFT sales. In fact, it reached $10.7 billion in Q3 of 2021. Numerous brands have recently joined the craze in launching unique digital seriessuch as Pepsi, Adidas, and Nike. 

Many celebrities across the globe and some Bollywood stars have released their NFT collections. In addition, NFT also penetrates in sports and fashion industries. 

Embracing NFT Market

Now, MG Motor seems to revolutionize the automaker industry as it will step into the NFT market. “We are taking a step to socialize NFTs,” MG Motor India Chief Commercial Officer Gaurav Gupta expressed. 

“As this evolves it is set to bring MG owners and the wider community together to celebrate and own invaluable digital creatives in its numerous forms,” Gupta added. 

KoineArth’s Founder Praphul Chandra also stated, “Our collection with MG will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology.”

 

MG Motor’s Digital Items

The British automaker will start another historical event as it will become the first car manufacturer to release NFTs in India. According to a report, the NFT sale will begin on December 28. 

There is the categorization of each digital item, known as 4 “C” segments. These are collectibles, community and diversity, collaborative art, and CaaP (car-as-a-platform). 

Moreover, the company will use this opportunity to donate the proceeds to support MG Sewa’s programme for girls’ education. But cryptocurrency payment methods are not applicable in compliance with the government’s regulations. 

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