NFT is part of the blockchain and is non-fungible, which means it is unique and cannot be replaced by anything else.
MG Motors has launched the first non-fungible token (NFT) in India, making the British carmaker the first carmaker of its kind in India its NFT collection will go on sale on December 28, 12 noon onwards will have 1111 digital advertising pieces. NFT will launch on KoineArth’s NgageN platform that has been customized for MG transactions.
MG is promoting its Xe as a foundation philosophy (Caap) with these NFTs. In addition, collectibles, community, diversity, and collaborative art are considered the core pillars of these NFTs.
“As an Auto-Tech brand, innovation has always been a driving force for MG. With this new initiative, we’re taking a step towards socializing the NFT. As this evolves, it’s set to be. to bring together MG owners, fans, MGCC members and the wider community to celebrate and own priceless digital advertising in its many forms. Yes with KoineArth to advance into the NFT and proceeds from this first sale will go towards supporting community service under MG SEWA,” said Gaurav Gupta, CEO of MG Motors
“Our partnership with MG Motor on our first journey to the NFT is an exciting moment for us. At KoineArth, we are committed to creating lasting legacies for our beloved brands. Our collection with MG will be INR based as well as GST compliant, with a unique certificate of authenticity for buyers using blockchain technology. a fruitful partnership with the brand and builds on the momentum of NFT,” said Prabhulal Chandra, founder of KoinArth at the announcement.
NFT is part of the blockchain and is non-fungible, which means it is unique and cannot be replaced by anything else. Bitcoin or Ethereum (coin) on the other hand, are fungible and replaceable cryptocurrencies. NFTs are like trading cards – they can be traded for something else and are unique and valuable. Most NFTs are part of the Ethereum blockchain, which is also a cryptocurrency like bitcoin and dogecoin. Other blockchains also support NFT but are primarily hosted on the Ethereum blockchain. NFTs can be digital drawings, advertising as in the case of MG Motors, or even music.
https://www.carandbike.com/news/mg-motors-unveils-its-first-nft-for-india-market-2654510 MG Motors launches first NFT for the Indian market