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MG Motor Become First Carmaker To Launch NFT In India

In partnership with KoineArth, MG Motor India has launched its own NFTs (non-fungible tokens), making it the first carmaker in the country to launch a collection of NFTs. A total of 1,111 units of NFTs collections will go on sale on KoineArth’s NgageN platform on 28th December, 12 Noon onwards as part of the launch collection. They will be centered around Collectables, Community & diversity, Collaborative art, and CaaP (Car-as-a-Platform).

What is NFT

Speaking on the launch, Gaurav Gupta, Chief Commercial Officer, MG Motor India, said –

As an Auto-Tech brand, innovation has always been a driving force for MG. With this new initiative, we are taking a step to socialize 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.

For those who aren't aware, the NFTs (non-fungible tokens) are digital assets that represent real-world objects like art, music, collectibles, GIFs, video, etc. These are stored on a blockchain (a digital ledger on which the sale & purchase of NFTs is recorded) and come with exclusive ownership rights. Just like any other e-commerce transaction, these MG NFTs will be sold via the ''Add to cart and pay'' method. The payment will be accepted in Indian rupees (GST-compliant) and the buyer will get a receipt and a certificate of authenticity.

CaaP (Car-as-a-Platform)

The recently launched MG Astor SUV comes with a Car-as-a-Platform (CAAP) function that features on-demand in-car services and subscriptions in the areas of utility, entertainment, security, consumer payment, and more in near future. In fact, it also comes with India’s first-of-its-kind Vehicle Digital Passport (uses blockchain technology) that can be used to track service history, transactions, insurance, proof of ownership and real-time events, etc. This digital passport can be shared with third parties like insurance partners or used car portals, etc. This could benefit customers in getting higher resale value and a better insurance premium based on their driving behavior and service adherence. Besides, all other MG models like Hector, Hector Plus, ZS EV, and Gloster come with an embedded sim to provide high-speed in-car connectivity. 

By offering NFTs, MG will revolutionize the car buying and car ownership experience in the future.