According to Polygon (MATIC), MG Motor has become the first carmaker company in India to introduce its own NFT collection. MG Motor has partnered up with Polygon so that NFTs could be minted on KoineArth’s NgageN platform, customised specifically for MG’ transactions.
The subsidiary of Chinese automotive manufacturer SAIC Motor which markets vehicles under the British MG marquee has joined the network to prepare for the sale of 1,111 NFTs. The collection will include 4 “C” segments: Collectables, Community and diversity, Collaborative art, and CaaP (Car-as-a-Platform).
According to the official statement, the collection will go live on 28th December. The company has added that the NgageN platform supports credit card payments or UPI collectors that allows users to pay in fiat currency. Profits will go towards supporting girls’ education under the automaker’s MG Sewa program.
“As an Auto-Tech brand, innovation has always been a driving force for MG. With this new initiative, we are taking a step to socialise 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. We are extending our existing relationship with KoineArth for our foray into NFT and the proceeds from this maiden sale will go towards supporting community service under MG SEWA,” Gaurav Gupta, the chief commercial officer of MG Motor India, stated.
The company announced that the MG Car Club Community in India (MGCC) participants will get easier access to the collection. Moreover, the buyers will be able to monetise these NFTs in the future.
More and more brands have been partnering up with Polygon in order to make their own non-fungible tokens. “We can get a lot of purchases with what we have in our basket. We are a 97-year-old brand. We have got a lot of heritage and collectable stuff with us which will be of great interest to collectors as we take it forward. There may be a lot of individualised, customised AI-enabled art that can appeal to many, too. So, we said let’s get into the NFT space. We believe this is a timely way to start seeding in and help to democratise it further. So, people can own a piece of MG through a piece of digital art,” Gupta added.
MG Motor Media has jumped on the NFT bandwagon. The collection will include 1,111 unique artworks on the brand’s image.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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