MG Motor announces series of non-funky tokens (NFTs) in India With this, there will be 1,111 units of digital creatives in the series. With this, the British automaker is the first in the industry to bring its NFT series to the country. A total of 1,111 units of digital creatives will be in the series, which goes on sale on December 28th. KoineArth’s NgageN operating system is customized for transactions related to MG’s NFT sales.
Each of MG’s NFT fragments is classified into 4 “C” categories Collections, Community and Diversity, Collective Arts and CaaP (Car-a-Platform), the company said in an official statement.
Proceeds from the sale of these pieces will be donated to MG Seva, through which the company claims to have distributed its ration and medical aid to the poor.
“We are taking a step towards the socialization of NFTs.
NFTs are digital collections built into the blockchain network and their rights can be locked and transferred.
“Our collection with MG is INR based and GST-compliant, with a unique authorization certificate for buyers using blockchain technology,” said Praful Chandra, founder of KoineArth.
In the third quarter of 2021, NFT sales volume increased to $ 10.7 billion (approximately Rs. 79,820 crore), which is eight times higher than the previous quarter, according to a report by market observer DappRadar.
In recent days, many brands in various genres have released their NFT series.
Other brands that have brought their exclusive NFTs include Pepsi, Macy’s, Taco Bell, Burger King and McDonald’s.
In India too, many celebrities including Bollywood stars Amitabh Bachchan and Salman Khan have launched their NFT collection.