Mahindra & Mahindra recently unveiled their foray into the world of non-fungible tokens, following hot on the heels of MG Motors India, and bringing to the table NFTs based on their much-loved Thar SUV.
First things first – what on earth is an NFT?
An NFT, or non-fungible token, is a digital asset that represents things like art, music, gaming items and, now, the Mahindra Thar SUV. NFTs are sold online and mostly purchased by means of Bitcoin or other cryptocurrencies.
The appeal of an NFT is that it comes in very limited runs and has unique identifying codes that create a form of online scarcity. So, if you have one, you gain digital bragging rights and can prove ownership at the hand of built-in authentication.
FUN FACT! The first-ever NFT was created by a talented digital artist, Kevin McCoy, in May of 2014. It was essentially a pixelated image of a moving octagon. He named it Quantum and sold it online as what is commonly believed to be the first NFT ever. Today, Quantum is worth almost $7 000 000!
According to Veejay Nakra, the CEO of the automotive division at Mahindra & Mahindra, the decision to roll out the NFTs is another step to put them out front in terms of digital marketing. The automaker has always been at the forefront of tech transformation, often adopting new technologies far quicker than their competitors.
The first-ever Mahindra trench of tokens included four NFTs, which went on auction late in March. The automaker chose to donate all of the proceeds from the auction to Project Nanhi Kali.
Founded in 1996 as a part of the K.C. Mahindra Education Trust by Anand Mahindra with the aim of educating underprivileged girls in India, this project is one of the largest programmes in all of India. Their main aim is to help girls in their country to conclude 10 years of schooling by providing school supplies and academic support.
What a time to be alive! The good news is that whether you are into NFTs or not, a Mahindra remains a sound investment. Find out more about the current Mahindra vehicles we have in stock by getting in touch with our team at Group1 Mahindra. Our expert team of auto professionals at our Midrand and Kuilsrivier branches are waiting in the wings to get you behind the wheel of the perfect vehicle.The post Mahindra Thar SUV Digitised To Enter NFT Space appeared first on Group1 Mahindra Blog.