MG Motor will release an NFT token series with over 1,000 different tokens.

In India, MG Motor has announced the launch of its non-fungible tokens (NFTs). This will bring the total number of digital creatives in the series to 1,111. The British manufacturer is now the first in the industry to launch its NFT model to the nation. This collection, which will be on sale on December 28, will include a total of 1,111 digital creatives. The NgageN platform from KoineArth has been customized for the transactions associated with MG’s NFT sale.

In an official release, MG claimed that each of the NFT pieces will be divided into four “C” segments: collectibles, community and diversity, collaborative art, and CaaP (car-as-a-platform).

The revenues from the sale of these sculptures will be given to MG Seva, which promises to have delivered rations and medical help to the less fortunate.

“We’re starting to socialise NFTs.” “As this develops, it will bring MG owners and the greater community together to celebrate and own invaluable digital creatives in all of their forms,” said Gaurav Gupta, MG Motor India’s Chief Commercial Officer.

NFTs are digital collectibles generated on the blockchain network, with possession secured and transferable on another.

“With MG, our collection will be INR-based and GST-compliant, with a unique certificate of identification for customers utilising blockchain technology,” said Praphul Chandra, KoineArth’s founder.

According to industry tracker DappRadar, NFT sales volume increased by nearly eightfold to $10.7 billion (approximately Rs. 79,820 crores) in the third quarter of 2021, compared to the previous quarter.

Several brands from various categories have recently debuted their NFT series.

Other brands that have brought in their unique NFTs include Pepsi, Macy’s, Taco Bell, Burger King, and McDonald’s.

Several Bollywood stars, like Amitabh Bachchan and Salman Khan, have also released their NFT collections in India.

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