Automobile manufacturer Mahindra & Mahindra (M&M) on March 25 announced its entry into the realm of non-fungible tokens (NFTs), with its first-ever tranche of tokens to be based on Thar - the company's premium sports utility vehicle.
The NFTs will be released in collaboration with Tech Mahindra, the IT arm of Mahindra Group.
"This first-ever series comprises four NFTs that will be put up for sale via an auction starting the 29th of March 2022, on Tech Mahindra’s NFT marketplace christened ‘Mahindra Gallery’."
All proceeds from the auction will go towards Project 'Nanhi Kali', to support the education of underprivileged girls in India, M&M said.
"The winners of the auction will be invited to the Mahindra Adventure's 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.
Notably, NFTs are at the forefront of blockchain technology and have captured the interest of a significant digitally savvy audience.
According to Veejay Nakra, CEO of Automotive Division of M&M, the launch of NFTs is another step for the company to "leverage the next frontier of digital marketing".
"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," Nakra said.
The Mahindra Gallery, where the NFTs will be launched, "is a one-stop-digital assets and collectibles marketplace for all patrons of the Mahindra Group", Tech Mahindra CEO CP Gurnani said.
"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.