April 4, 2022
By Sharan Kaur Phillora
Days after Mahindra & Mahindra (M&M) launched its non-fungible tokens (NFTs), with its first-ever tranche of tokens to be based on Thar, one of the digital pieces was sold for a record Rs. 11 lakh. The group becomes the first Indian automotive company to enter the NFT space.
Here’s what we know:
M&M on March 25 had announced its foray into NFTs based on Thar SUV. The company had unveiled a total of four Thar-based NFTs – Standing Tall, Born of the Earth, Taking Flight, and Explore the Impossible.
The highest bid of ₹ 11 lakh was made for Standing Tall. The NFT emphasized Thar’s ability to move on extremely rough terrains such as rivers, inclines, and dunes. The high-seating position of the Thar was also highlighted in the NFT.
So far, Mahindra has earned a total of ₹ 26 lakh from the sale of the first batch of NFTs. The NFTs were released in collaboration with Tech Mahindra, the IT arm of Mahindra Group, and were made available for bidding at Tech Mahindra’s NFT marketplace “Mahindra Gallery” starting March 29.
The company claimed that all proceeds from the auction will go towards Project Nanhi Kali to support the education of underprivileged girls in India.
The winners of the auction will also be invited to participate in the Mahindra Adventure Off-Road Driver Training Academy at Igatpuri, Maharashtra or the new Mahindra SUV Proving Track at MSPT, Chennai.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.