Besides cryptocurrencies, NFTs are another successful product of blockchain technology. Each token owns a unique value that evidences the authenticity of the associated art. Nowadays, companies are using it as a technique of marketing also.
Similarly, MG Motors took advantage of the emerging technology, NFTs. They became the first one of their type to launch their NFTs collection in India. The company will commence the sale of NFTs on 1,111 digital pieces of its art, including GIFs and static images, on December 28.
The categorization of their NFTs collections might be:-
- Collectables were drawing on the Morris Garages heritage
- Community & diversity
- Car-as-a platform
- Collaborative art
What about Indian statutes?
As for now, the Indian government is still on a grey side regarding the legality of cryptocurrency, and so are the investors or miners. The company is adhering to all the regulations and restrictions imposed by the Government of India. The company is all set to make transactions in India rupees instead of cryptocurrencies.
Which platform is getting benefits?
MG Motors finds KoineArth’s NgageN platform much attractive to launch their NFT collectables. It is an exclusive, invitation-only platform for Brands to create NFTs for their fans, followers & connoisseurs. The company is using the platform to expand the brand’s fan base by allowing more and more consumers to own a piece of MG.
Where will the proceeds go?
The company will use the proceeds from the maiden auction to support girls’ education under its MG Sewa programme. That will come under the umbrella of CSR activities.
Well, according to Dave Trott, “Creativity may well be the last legal unfair competitive advantage we can take to run over the competition.”
With the help of the creative art of images and gifs, they will engage more with their fan base and create their brand fans. The brand is getting fame by being the first auto industry to launch their NFTs and promoting CSR activities via utilizing proceeds in girls’ education. That will help the company to take run over the competition.
NFTs are an example of the usefulness of blockchain technology other than speculation.