“An overwhelming response to the auction which means it’s almost as expensive as buying the real #Thar! But that makes sense, since the NFT is truly one of a kind,” Mahindra group head Anand Mahindra tweeted.
NFT is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but it does not restrict the sharing or copying of the underlying digital file.
Non-fungible tokens or NFTs are the latest trends in the digital world, and a lot of the current excitement is around using the tech to sell digital art. Almost everyone is doing it, and so did Mahindra a few days back, when it announced its first tranche of NFTs revealing the first set of four superhero-themed NFTs based on the Mahindra Thar.
The four NFTs have been named Born of the Earth, Taking Flight, Standing Tall, and Exploring the Impossible, News, now comes in, that the company recorded bids worth ₹ 26 lakh, while one of the digital pieces was sold for a record ₹ 11 lakh. The said NFT is that of the Mahindra Thar Standing Tall.
The top bid for the Born of the Earth NFT was at Rs 5.25 lakh, while the Taking Flight NFT received a price of Rs 5 lakh. The Explore the Impossible NFT received the highest offer of Rs 4.75 lakh. According to a press release from the company, proceeds from the auction will be donated to Nanhi Kali, an organisation that promotes school education for poor girls.
The auction took place between March 29-31, 2022, on Mahindra Gallery – an online NFT marketplace developed in collaboration with Tech Mahindra, with all the proceeds going towards Project Nanhi Kali to support the education of underprivileged girls. The four-superhero themed NFTs based on the Mahindra Thar are based in surreal surroundings using visual styles that verge on the fantastical, symbolism, and written narratives that accompany each NFT.
According to Vijay Nakra, CEO, Automotive Division, Mahindra & Mahindra, the launch of NFT is another step for the company to “leverage the next frontier of digital marketing”. He added that with the company’s foray into the NFT arena, it is all set to tap the endless possibilities of interacting and linking with the Mahindra brand and all nameplates.
