Indian automobile giant Mahindra & Mahindra (M&M) on Friday said it was making its debut in the non-fungible tokens (NFTs) space with the launch of a set of tokens to be based on the Thar -- the company's premium off-read sports utility vehicle.
The NFTs will be released in collaboration with Tech Mahindra, the IT arm of Mahindra Group, Moneycontrol News reported.
"This first-ever series comprises four NFTs that will be put up for sale via an auction starting the 29th of March 2022, on Tech Mahindra’s NFT marketplace christened ‘Mahindra Gallery’," a press release stated, as per the Moneycontrol report, which added that all proceeds from the auction will go towards Project 'Nanhi Kali', to support the education of underprivileged girls in India, M&M said.
"The winners of the auction will be invited to the Mahindra Adventure's off-road Driver Training Academy (Igatpuri, Maharashtra) or to the new state-of-the-art Mahindra SUV Proving Track (MSPT, Chennai), to experience the thrill of 4x4 motoring," it added.
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Veejay Nakra, the chief executive of M&M's automotive division, said this move marks another step by the company to "leverage the next frontier of digital marketing".
"With our entry into the NFT space, we are all set to harness the countless possibilities of interacting and adding to the Mahindra brand and all our nameplates, and there is no better brand for this debut than the Thar," Moneycontrol quoted Nakra as saying.
The NFTs will be launched via the "Mahindra Gallery", described as a "is a one-stop-digital assets and collectibles marketplace". Tech Mahindra CEO CP Gurnani told Moneycontrol: "This platform-of-the-future will emerge as a key lever to showcase the rich archives and history of the Group that everyone can own in the form of NFTs, ushering in the next wave of digital ownership."
