MG Motor is First Car Manufacturer to Launch their NFTs in India

Gaurav Gupta, Executive Vice President, Commercial, MG Motor India, said; “With this new initiative, we are taking a step towards socializing with NFT teams. MG has set out to celebrate and embrace invaluable digital design in many forms, bringing together owners, fans, MGCC members and the wider community.” The company announced that it will start selling a total of 1111 digital creatives. Their art, which includes GIFs and static images, will go up for auction and will begin selling the NFT collection starting December 28, 2021. Also, MG's NFTs will be divided into four sections. This includes Collectibles, Community and Diversity, Collaborative Art, and CaaP (Car as a Platform). Moreover, MG also stated that the future of their NFTs will be the future of collaborative technology. Gaurav Gupta also included the proceeds from the first auction to support girls' education within the scope of the MG Sewa program. MG Motor India will enter the NFT space through KoineArth's NgageN platform. According to government regulations, transactions will be made via fiat Indian rupees, not cryptocurrencies. KoineArth Founder Prafull Chandra said: “Our partnership with MG Motor on its first journey to NFT is an exciting moment for us. At KoineArth, we are committed to creating timeless legacies for the most iconic brands through trusted NFTs.” In addition, Chandra added that their portfolio with MG will be related to INR, as well as GST, a unique authentication certificate for buyers using blockchain technology. In particular, many brands such as Budweiser, Pepsi, Coca-Cola, Burger King and McDonald's launched special products to keep up with the increasing user interest in digital collections. Also, many Bollywood celebrities like Amitabh Bachchan, Rajinikanth, Cricketer Sunil Gavaskar and others have started NFTs in India.