MG Motor India will become the first carmaker in the country to launch NFTs. The first NFT sale will take place on 28th December, and MG says that the proceedings from the inaugural NFT collection will go into community service. With 1111 digital assets, the sale will go live at noon through KoineArth’s NgageN platform, customized for MG’s transactions.
Gaurav Gupta from MG Motor India spoke on the announcement by emphasizing that innovation has always been the driving force for our Auto-Tech brand. The new initiative is set to socialize NFTs, allowing MGCC members, fans, and the wider community to own digital assets. Extending their existing relationship with KoineArth, the maiden sales from this foray into NFT will go towards community support.
On the other hand, Praphul Chandra, the founder of KoineArth, declares his company’s association with MG Motor as a moment of excitement. Speaking for KoineArth, he said that the company is committed to creating immortal legacies for the most-loved brands. The MG collection will be GST-compliant and based on INR, with the buyer getting an authentication certificate using blockchain technology. While looking for a fruitful partnership with MG Motor, Chandra wants to build on the NFT momentum in the market.