MG Motor India becomes the first carmaker in the country to foray into NFTs

Team L&M

British brand, MG Motor India, has become the first carmaker in India to launch a collection of non-fungible tokens (NFTs), a veritable key to the future of collaborative technology. The NFT collection will go on sale from December 28, 12 noon onwards, with 1111 units of digital creatives as part of the launch collection. The automaker will introduce its maiden NFT on KoineArth’s NgageN platform that has been especially customised for MG transactions.

MG’s NFTs will be categorised into four core segments: Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).

“As an Auto-Tech brand, innovation has always been a driving force for us. 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 Guota, MG Motor India.

Excited at the partnership with MG Motor India, KoineArth Founder Praphul Chandra remarked, “Our association with MG Motor in its debut voyage into the NFT is a great 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.”