MG Motors India taps KoineArth's NgageN platform India to sell NFTs

MG Motors has announced that the company plans to launch NFTs by extending its partnership with KoineArth India Pvt. Ltd., a homegrown blockchain firm. The auto firm will use KoineArth’s NgageN platform to launch an NFT collection that will go on sale starting December 28 (12 Noon onwards). The collection includes 1,111 units of digital creatives as part of the launch collection. The company added that its NFTs will be categorized in four segments — collectibles, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).

The proceeds from this maiden sale will be deployed towards supporting community service under MG SEWA. Praphul Chandra- Founder of KoineArth, said, “Our collection with MG will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology."

Non fungible Token (NFT) is a blockchain-based technology that signifies the ownership of a digital item. NFTs have seen wide acceptance in arts, crafts, entertainment, music, sports, gaming, etc in the past year. MG Motors had also used KoinArth's platforms to build a 'Digital Passport' for the MG Astor, which gathers data from sensors fitted on the car to gauge a driver's driving prowess and factor that into decisions like resale values, insurance premiums and more.

Also read: Enterprise NFTs to bring new use cases for Indian blockchain firms

Gaurav Gupta, Chief Commercial Officer, MG Motor India said that the NFTs will allow MG owners, fans, MG Car Club (MGCC) members, and the wider community "to celebrate and own invaluable digital creatives in its numerous forms”.