MG Motors is India's First Carmaker to Introduce NFT

New Delhi: MG Motors has launched its first non-functional token (NFT) in India. It has also become the first automotive company to do so in India. The NFT will be available for sale from noon on December 28 and only 1,111 units are being put on sale. NFT (KoineArth) is being launched on the NgageN platform, designed for MG transactions.

What is NFT?

NFT or non-functional tokens are digital assets on the blockchain, which come in the form of images, videos, text, and tweets. Blockchain acts as a public laser to determine their authenticity and ownership rights. Almost all kinds of digital things can be converted into NFT and are the most different because of their special digital signatures. Their digital rights can be purchased in cryptocurrencies or dollars.

Why is NFT important?

Those investing in digital property see it as a new means of ownership rights in the future. He believes that shortly, ownership from event tickets to homes will be given in the form of such baskets. NFTs have opened up new earning options for artists and digital creators. Similar music concerts and event seats may be booked through NFT in the future.

This token is divided into four categories

The non-fungible token of MG Motors is divided into four categories. These are collectibles, communities and diversity, collaborative arts, and CaaP (Car Age a Platform) respectively. It is based on the four main pillars of MG - diversity, experience, community, and invention.

First earnings to be used in social work - MG Motors

Gaurav Gupta, Chief Operating Officer, MG Motors said, "Invention is an auto-tech brand that has always been a source of inspiration for MG. With this, we are taking steps to bring NFT among the people. "For our launch into NFT, we're strengthening our cooperation with KoineEarth, and the earnings from this sale will be utilized for social causes under the MG service," he added.

NFT to come in Indian rupees

According to KoineArth founder Praful Chandra, the NFT issued by MG Motors will be built based on Indian rupees and will comply with GST. It will give a certificate to buyers using blockchain technology for their tokens. Regarding his partnership with MG, Praful Chandra said, "We look for a useful partnership with brand and construction to accelerate NFT. "

Here are some of India's most expensive NFTs

India has the highest number of actors and cricketers wanting to do so. Therefore, NFTs of the sports and film industry are sold here at the highest prices. Recently, collections, autographed posters, and collectibles of Bollywood actor Amitabh Bachchan'NFT s 'Madhushala' sold for around Rs 7.18 crore at an auction. Painter Wazirx, on the other hand, sold one of his paintings for Rs 2.67 lakh.