MG Motor Becomes the First Automaker to Launch NFT Collection in India
MG Motor has become the first automaker to launch a collection of NFTs (Non-Fungible Tokens) in India. The brand hopes to increase its fan base with this step. The auction will have 1111 units of digital creatives including its art, GIFs and Static Images, which will start from December 28.
This NFT will have four categories into four segments, collectables, community and Sewa programme. Non Fungible Tokens are a type of crypto asset, which can be used as a digital certificate of authenticity for any type of asset.
The company is planning to support girls’ education in MG Sewa Programmer. MG Motor India is entering the NFT space with KoineArth’s NgageN platform. The compliance of NFT will be done in Indian rupees rather than cryptocurrencies. Seeing the growing consumer interest in digital collectables, several brands have launched their NFTs including Pepsi, Coca-Cola, Burger King, and McDonald's.