Mahindra and Mahindra (M&M) has become the first Indian automotive OEM to enter the NFT (non-fungible token) space with the release of its first tranche of tokens. NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media. Some of the most valuable NFTs are being sold for millions of dollars at auction houses.
M&M has stated that its entry into the NFT space is yet another testimony of its continued focus on digital initiatives in the country.
The first NFT offerings from Mahindra will be based on the Thar SUV and will be released in collaboration with Tech Mahindra.
Commenting on the launch, Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd said, “The launch of NFTs is another exciting step for us to leverage the next frontier of digital marketing. We will be able to offer a whole new set of experiences to our customers, build communities for our brands, and also increase brand awareness and loyalty.”
“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,” he added.
CP Gurnani, MD & CEO, Tech Mahindra, said, “At Tech Mahindra, we believe in innovating for the future. As an industry front runner, we have significantly contributed to digital transformational strategies and solutions. In line with our aim to reimagine customer experience, engagement and brand equity through digital transformation, we are launching an NFT marketplace in collaboration with Mahindra Group.
This market place titled ‘Mahindra Gallery’, is a one-stop-digital assets and collectibles marketplace for all patrons of the Mahindra Group, and 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.”
The first dump of NFTs will comprise four token that will be put up for sale via an auction starting March 29, 2022, The NFTs will be sold on Tech Mahindra’s NFT marketplace called ‘Mahindra Gallery’. The auction will begin at 11 am IST, followed by a 30 min gap for subsequent auctions.
Mahindra has announced that all the proceeds from the auction will go towards Project Nanhi Kali. This project aims to support the education of underprivileged girls in India.
