Mahindra & Mahindra (M&M) announced its foray into the NFT (non-fungible token) universe, with the release of its first tranche of tokens. With this, M&M becomes the first Indian auto manufacturer and only the second in the Indian market after MG Motor India debuted in the space in December 2021, ET Now reported.
Several global carmakers including Alfa Romeo and Lamborghini have started to use NFTs to cash in on the growing popularity of blockchain technology.
The first NFT offerings from Mahindra will be based on its Thar model. This NFT series comprises four NFTs which will be put up for sale via an auction starting March 29, 2022, on Tech Mahindra’s NFT marketplace christened ‘Mahindra Gallery’, M&M said in a statement.
All proceeds from the auction will be used to support the education of underprivileged girls in India under project Nanhi Kali. Access to education helps the girl child in fulfilling her dreams and lays the foundation for an equal society, it further added.
“The Thar experience doesn’t end with buying an NFT. The winners of the auction will be invited to the Mahindra Adventure Off-road Driver Training Academy (Igatpuri, Maharashtra) or to the new state-of-the-art Mahindra SUV Proving Track (MSPT, Chennai), to experience the thrill of 4x4 motoring,” it added.
“Mahindra & Mahindra has always been a pioneer in adopting new-age digital innovations to enhance customer experience. The launch of NFTs is another exciting step for us to leverage the next frontier of digital marketing,” said Veejay Nakra, CEO, Automotive Division, M&M.
“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 said.