MG India has become the first carmaker in India to launch its own NFTs (non-fungible tokens). MG India did so in partnership with KoineArth. A total of 1,111 NFTs will go live on KoineArth’s ngageN platform on 28th December 2021 and they will be centre around Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).
What is NFT?
NFTs are a popular method to own digital assets such as images, GIFs, audio files, tweets and videos.
These assets are list 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 authenticate by the public.
It allows for a more transparent representation of monetary assets.
MG India NFTs
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.
Gaurav Gupta, Chief Commercial Officer, MG Motor India, Said :
MG India began its sale in the Indian market with the Hector. Then it follow it up with the MG ZS EV, MG Gloster, MG Hector Plus and now the MG Astor.
These cars have one thing in common and that they offer amazing tech base features and the internet is integral to their functioning.
MG has adopted NFTs, a medium which has the potential to revolutionise the car buying and car ownership experience in the future.
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