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.
To give you an idea, NFTs are part of the blockchain and are non-fungible, meaning it is unique, and can’t be replaced with something else. On the flip side, bitcoin or Ethereum (the coin), the cryptocurrencies are fungible and can be replaced. NFTs are like trading cards – they can be traded for something else and are unique and hold value. The first NFT offerings from Mahindra will be based on the Thar 4×4 off-road SUV and will be released in collaboration with Tech Mahindra.
Commenting on the launch, Veejay Nakra, Chief Executive Officer, Automotive Division, Mahindra 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. »