MG Motor has announced the issuance of its range of non-fungible tokens (NFTs) in India. With this, the series will include 1,111 units of digital creatives. With this, the British automaker has become the first company in the region to bring its NFT series to the country. The series will feature a total of 1,111 digital creatives that will go live on sale on December 28. CoinEarth’s NgageN platform is optimized for transactions related to MG’s NFT sale.
everyone NFT The company said in an official that MG’s pieces will be classified into 4 “C” segments – Collectibles, Community & Diversity, Collaborative Art, and CaaP (Cars-as-a-Platform), Statement,
The proceeds from the sale of these pieces will be donated to MG Seva through which the company claims to have distributed its ration and medical aid among the needy.
“We are taking a step to make NFT social. As it develops, it is ready to bring MG owners and the wider community together to celebrate and own priceless digital creative in its many forms. ,” said Gaurav Gupta, Chief Commercial Officer, MG Motor India.
NFTs are digital collectibles that are built on blockchain The networks and their ownership are also locked and transferable on the same.
“Our collection with MG will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology,” said Praful Chandra, Founder, CoinEarth.
In the third quarter of 2021, the sales volume of NFTs increased to $10.7 billion (approximately Rs 79,820 crore), an increase of eight times from the previous quarter, market tracker DappRadar said in a report.
In recent times, several brands across categories have released their NFT series.