- NFT or non-fungible token, is a digital asset that represents real-world objects like art, music, collectables, GIFs, video, etc.
- NFTs come with exclusive ownership rights
MG Motor India has announced its new project of venturing into NFT (Non-Fungible Token) by announcing the debut of the MG NFT. For the uninitiated, NFT is a digital asset that represents art, music, collectables, GIFs, videos, etc. In simpler words, it’s a digital form of collector’s item, wherein potential customers can purchase a genuine version of the original artwork in the form of a digital file. So, instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file with exclusive ownership rights. The transactions are in Indian rupees, the users can opt for payments via a credit card, a debit card, or through UPI.
The NFTs unique data eases the process of verifying the ownership and also transferring tokens between owners. NFTs exist on a blockchain, which is a distributed public ledger that records transactions. Moreover, NFT is also like a proof of authenticity as these transactions record the nature, location, ownership of the assets. MG’s NFT platform is powered by Koinearth’s NFT platform, the ngageN. The assets on display are already minted and stored on the blockchain. Every asset has its own unique id which can be seen and verified by the user on the blockchain by clicking on the proof of authenticity. Post the transaction, the user will receive an invoice on the registered email-id. Customers can also visit the ngageN website to learn more about their collection, invoice, and wallet.
In addition to the NFT community, the company aims to democratise NFT ownership to the MG Car Club Community in India (MGCC), MG customers, digital art creators across the country. Moreover, the buyers can also monetise these NFTs in the future. The MG NFTs will be categorised into four themes at the time of launch – Collectibles, Community and Diversity, Collaborative Art, and CAAP (Car-as-a-platform).
The company further claims that each MG NFT will have its own unique back story to enhance the overall ownership experience. Additionally, the buyers will also receive special invites to exclusive events and more. The MG NFT collection has gone live today and the sale for the NFTs will commence from 28 December, 12pm onwards. For the launch collection, the company will offer an exclusive 1,111 units of the digital art collection to choose from. Interested customers can visit the MG website to learn more.
