MG Motors Unveils Its First NFT For India Market

NFTs are part of the blockchain and are non-fungible, meaning it is unique, and can't be replaced with something else.

By Sahil Gupta

1 mins read

Published on December 16, 2021

Highlights

There will be 1111 NFTs which will be digital creatives
MG Motors will become the first Indian auto brand do something like this
These NFTs will go live on December 28, 2021, 12 noon onwards

MG Motors has launched its first non-fungible token (NFT) in India, which makes the British carmaker, the first automotive player of its kind in India Its NFT collection will go on sale on December 28, 12 noon onwards which will have 1111 units of digital creatives. The NFT will launch on KoineArth's NgageN platform which has been customised for MG's transactions. MG is propelling its Car as a platform philosophy (Caap) with these NFTs. Apart from this, collectibles, community, diversity, and collaborative art are categorised as the core pillars of these NFTs. "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. 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," said Gaurav Gupta, the Chief Operating Officer of MG Motors MG Motors is cementing its position as a techie auto brand with its infusion of AI, NFTs, Autonomy and EVs "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," said Prabhulal Chandra, the founder of KoinArth at the announcement. NFTs are part of the blockchain and are non-fungible, meaning it is unique, and can't be replaced with something else. On the flip side, bitcoin or Ethereum (the coin), the cryptocurrencies are fungible and can be replaced. NFTs are like trading cards - they can be traded for something else and are unique and hold value. Most NFTs are part of the Ethereum blockchain which is also a cryptocurrency like bitcoin and dogecoin. Other blockchains also support NFTs but mostly are hosted on the Ethereum blockchain. NFTs can be digital drawings, creatives like in the case of MG Motors, or even music.