After MG Motors and Mahindra, Royal Enfield has also finally entered the Metaverse, with the launch of 10 artwork NFTs from seasons 1 and 2 of ‘Art Of Motorcycling’ programme. These Non-Fungible Tokens (NFTs) have been priced at Rs 15,000 each and will be available for sale on 3rd October 2022 on the Ethereum-based NFT marketplace called ‘Foundation’ that was launched in 2021. Profits from the sales will go to the artists directly.
Speaking about this, Puneet Sood, Global Head of Apparel Business at Royal Enfield said, “Art Of Motorcycling is intended to give designers, artists, illustrators, and motorcycling enthusiasts a platform to illustrate their love for motorcycling. We are extremely proud to take this to the next level in the digital space, as we announce the launch of Royal Enfield’s first-ever NFTs to encourage this ever-growing community scale to new heights. With this launch, art created by our community can now be appreciated globally. Our first set of NFTs will feature winning artworks from the past two seasons of Art Of Motorcycling, proceeds from the sales of which go to the artists directly.”
For people who aren’t aware, NFTs are digital assets that represent real-world objects such as art, music, collectibles, GIFs, video, etc. These are stored on a blockchain and come with exclusive ownership rights. Buyers who will buy Royal Enfield’s artwork NFTs will also get the right to re-sell them, without paying any commission or loyalty to Royal Enfield and its artists.
In the other news, Royal Enfield has also announced the official dates for its upcoming three-day long Rider Mania event that will be held from the 18th to the 20th of November 2022 in Goa. The online registration for the event has also begun at Rs 2,000. However, the brand is likely to hike ticket prices in the coming days.
Author’s Take
Raised due to the COVID-19 pandemic, NFTs have revolutionized the whole creative sector and given a new front to the artists. Many industries, including automobiles, see potential in NFTs and other digital assets to earn passive income.