Mahindra & Mahindra to launch Thar-based NFTs

Mumbai: Auto major Mahindra & Mahindra (M&M) Ltd on Friday announced its entry into the NFT (non-fungible token) universe, with the release of its first tranche of tokens. With the move, 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.

Several global carmakers from the likes of Alfa Romeo to Lamborghini have already jumped on the NFT bandwagon to cash in on the latest fad of blockchain technology.

The first NFT offerings from Mahindra will be based on its Thar model and will be released in collaboration with Tech. This first-ever series comprises four NFTs that will be put up for sale via an auction starting March 29, 2022, on Tech Mahindra’s NFT marketplace christened ‘Mahindra Gallery’, said M&M in a statement.

All proceeds from the auction will go towards Project Nanhi Kali, to support the education of underprivileged girls in India. 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 4×4 motoring,” it added.

Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd said, “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”.

“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.