Mahindra & Mahindra has announced introducing its first tranche of non-fungible tokens or NFTs in India. While Mahindra is the first home-grown automakers to enter this space, it was MG Motor India that first launched its non-fungible token (NFT) in India, back in December 2021. MG is a British brand's that owned by China SAIC Motor. Mahindra says that NFTs are at the forefront of blockchain technology and have captured the interest of the digitally savvy and constantly connected generation.
Also Read: MG Motors Unveils Its First NFT For India Market
To give you an idea, NFTs are part of the blockchain and are non-fungible, meaning it is unique, and can't be replaced with something else. On the flip side, bitcoin or Ethereum (the coin), the cryptocurrencies are fungible and can be replaced. NFTs are like trading cards - they can be traded for something else and are unique and hold value. The first NFT offerings from Mahindra will be based on the Thar 4x4 off-road SUV and will be released in collaboration with Tech Mahindra.
Mahindra says the Thar has a larger-than-life imagery which is suited to the futuristic, socially wired landscape of NFTs
Commenting on the launch, Veejay Nakra, Chief Executive Officer, Automotive Division, Mahindra said, "The launch of NFTs is another exciting step for us to leverage the next frontier of digital marketing. We will be able to offer a whole new set of experiences to our customers, build communities for our brands, and also increase brand awareness and loyalty. With our entry into the NFT space, we are all set to harness the countless possibilities of interacting and adding to the Mahindra brand and all our nameplates, and there is no better brand for this debut than the Thar."
Also Read: Alfa Romeo's New Hybrid SUV, Tonale, Comes With An NFT
Mahindra says that the Thar has a larger-than-life imagery which is suited to the futuristic, socially wired landscape of NFTs. This first-ever series comprises four NFTs that will be put up for sale via an auction starting March 29, 2022, on Tech Mahindra's NFT marketplace christened 'Mahindra Gallery'. All proceeds from the auction will go towards Project Nanhi Kali, to support the education of underprivileged girls in India.
The winners of the auction will be invited to the Mahindra Adventure Off-road Driver Training Academy, or the Mahindra SUV Proving Track (MSPT, Chennai), to experience the 4x4 Thar
Sharing his views on the development, CP Gurnani, MD & CEO, Tech Mahindra, said, "This marketplace titled 'Mahindra Gallery', is a one-stop-digital assets and collectibles marketplace for all patrons of the Mahindra Group, and this platform-of-the-future will emerge as a key lever to showcase the rich archives and history of the Group that everyone can own in the form of NFTs, ushering in the next wave of digital ownership."
The Thar experience doesn't end with buying an NFT. The winners of the auction will be invited to the Mahindra Adventure Off-road Driver Training Academy, in Igatpuri, Maharashtra or to the new state-of-the-art Mahindra SUV Proving Track (MSPT, Chennai), to experience the 4x4 Thar.
