Mahindra and Mahinda, one of India's largest automobile manufacturers, has announced its entry into the world of non-fungible tokens (NFTs). The first tranche of tokens will be based on its iconic sports utility vehicle, Thar.
The first series of tokens will be launched in collaboration with Tech Mahindra. The four NFTs will be available for sale through an auction from March 29 on Mahindra Gallery, the NFT marketplace developed by Tech Mahindra. Mahindra Gallery will become a one-stop platform for all digital assets and collectables of the Mahindra group.
With the launch of the first tranche of the tokens, Mahindra and Mahindra will become the second auto major in India to enter the NFT space and the first automotive OEM to launch such tokens. MG Motor India launched its NFTs in December last year.
According to Mahindra, the proceeds from the auction of the NFTs will go towards the project Nanhi Kali, which supports the education of underprivileged girls across India.
The auction winners will be invited to the Mahindra Adventure's off-road Driver Training Academy in Igatpuri, Maharashtra, or to the Mahindra SUV Proving Track (MSPT) in Chennai to experience the thrill of 4x4 motoring, the carmaker announced.
The entry of Mahindra into the NFT universe is being seen as part of the company's plans to maximize the potential of digital marketing by capturing the interest of the new-generation tech-savvy customers.
NFT is a blockchain-based technology that signifies the ownership of tech-savvy customers on digital assets.
NFTs based on digital assets from different fields like arts, crafts, gaming, entertainment, music, and sports have gained immense popularity in the last few years.