What is NFT?

NFT or non-fungible tokens, is a digital asset that represents real world objects like art, music, collectibles, GIFs, video etc.

In simple words, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

NFTs come with exclusive ownership rights. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. 

How does it work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. For NFTs, these transactions or data record the nature, location, and ownership of the assets. This is like the proof of authenticity.

MG and NFT?

As an Auto Tech brand, our focus has always been innovation and experimenting with newer technologies. With the MG Astor - our latest launch in the Indian market, we have become the first car brand to introduce the concept of a digital passport which is stored on Blockchain.

The launch of NFT aims to take our innovation pillar a step ahead  by offering digital assets representing our legacy, diversity and strong bond with AI and technology.  

Also, the launch of NFT gives us an opportunity to give back to our community. The proceeds earned through the first collection of our NFT’s will circle back into our CSR activities. 

What currency will be used for buying?

Our NFTs will be available for purchase in INR. No complications. This will just be like any other e-commerce transaction. Add to cart and pay. Simple!

How will I get the proof of ownership of asset?

You can see all the assets already minted and available to view on Blockchain through:

“View proof of authenticity”- By using this option on the webpage, you can view the asset on IPFS or on Blockchain. This will have the unique ID associated with the token on blockchain

Once a buyer purchases the asset, the transaction detail will be created on blockchain and another unique ID will be created which also will be viewed on “View proof of authenticity”

We will also send the purchaser an invoice with details of the purchase including their unique ID

This information will also be available in the login page of the customer/buyer under MY COLLECTION > NFT> View Proof of authenticity

Where we can buy it from?

Our first NFT collection will be available on our webpage – www.mgmotor.co.in/nftmarketplace