Quick take:
- The NFTs will be launched via the Mahindra Gallery, the company’s digital collectibles marketplace.
- Four NFTs will be put up for auction on Mar 29.
- All proceeds from the auction will go towards supporting the education of underprivileged girls in India.
Indian automobile giant Mahindra & Mahindra announced today that it will be launching its first NFTs based on its off-road 4×4 vehicle, Thar.
The NFTs will be issued in collaboration with the company’s IT arm, Tech Mahindra. Four NFTs will be put up for auction on Mar 29 via Tech Mahindra’s NFT marketplace named ‘Mahindra Gallery’.
All proceeds from the sale will go towards Project Nanhi Kali, a non-profit that supports the education of underprivileged girls in India. Project Nanhi Kali was founded in 1996 by K.C. Mahindra Education Trust set up by the chairman of Mahindra Group, Anand Mahindra.
According to a press release, the winners of the auction will be invited to Mahindra Adventure’s off-road Driver Training Academy or to the new Mahindra SUV Proving Track to experience the thrill of 4×4 motoring.
Veejay Nakra, the chief executive of M&M’s automotive division, said the launch of NFTs marks another step by the company to “leverage the next frontier of digital marketing,” according to MoneyControl.
Speaking to MoneyControl, Nakra said: “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.”
Tech Mahindra CEO CP Gurnani said that the Mahindra Gallery “s a one-stop-digital assets and collectibles marketplace for all patrons of the Mahindra Group”.
“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,” he added.
Mahindra’s move into NFTs come after Tech Mahindra recently unveiled its metaverse practice, named TechMVerse. It was formed to tap opportunities in the emerging field. The company is currently training 1,000 employees to deliver interactive and immersive experiences in the metaverse.
There has been a trend of automobile companies releasing NFTs lately. These include Lamborghini, Alfa Romeo and Acura.
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