MG Motor launches NFT collection in India, to go on sale on December 28 – Times of India

MG Motor India has announced its foray into the non-fungible token (NFT). The MG NFT collection will go on sale starting 28th December, 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 customised for MG’ transactions.
MG’s NFTs will be categorised into 4 “C” segments – Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform). The company has also announced that proceeds from this maiden sale will go towards supporting community service under MG SEWA. According to KoineArth, the NFT collected will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology.
“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 Gupta of MG Motor India.
What are non-fungible tokens or NFTs
In simple words, an NFT is a one-of-a-kind digital collectible. This means it is unique and can’t be replaced. These virtual tokens can be songs, movies, artworks, photographs, social media posts, GIFs and anything else that can be stored digitally.
An NFT is data stored on a digital ledger, called blockchain. Most of the NFTs are a part of Ethereum blockchain. Ethereum is a cryptocurrency just like Bitcoin and its blockchain supports and stores the units of data of these digital assets. While other cryptocurrencies have their own version of NFTs, Ethereum is currently the market leader. The blockchain certifies the token as a unique asset and any reproduction of that token is considered as an imitation.