Indian automaker Mahindra & Mahindra had recently ventured into the NFT space and in the very first auction it clocked Rs 26 lakh for its 4 collectibles.
Keeping the organisation’s ideology of social responsibility in mind, the company decided to utilise the funds received from the sale of the Non-Fungible Tokens (NFTs) to support the education of underprivileged girls in India through their ‘Nanhi Kali’ initiative.
BestMediaInfo.com reached out to Harish Lalchandani, VP, Marketing, Mahindra Auto, Mahindra & Mahindra, to discuss their entry in the NFT space and how the company is planning to leverage it in future.
“Our foray into the NFT-verse further entrenches our brand promise of ‘Explore the Impossible’. With the Mahindra Thar NFTs, we mark our entry into new frontiers of engaging and capturing the imagination of the digitally savvy and constantly connected generation,” Lalchandani said.
The four NFTs offered by Mahindra are – ‘Born of the Earth’, which sold for Rs 5.25 lakh; ‘Taking Flight’ sold for Rs 5 lakh; ‘Standing Tall’ fetched Rs 11 lakh and ‘Exploring the Impossible’ went for Rs 4.75 lakh.
Born of the Earth
Exploring the Impossible
With the Mahindra Thar NFTs, we launched a series of four superhero-based 'MetaThar Collectibles'. I am happy to share that the proceeds raised, Rs 26 lakhs, from the auction will go towards Project Nanhi Kali to support the education of underprivileged girls in India,” he added.
Lalchandani also said that they will continue to explore and assess the countless opportunities this space has to offer.
He shared that the company had joined hands with an international artist who developed the NFTs exclusively for M&M. Further, the company will be utilising digital platforms like Twitter, YouTube, FB, and Instagram, amongst others, to engage with Thar enthusiasts to further promote the NFTs.
While responding to a query on the business side of the move, he said, “In business terms, the entry of Mahindra into the NFT universe is yet another testimony of our continued focus on digital initiatives in the country. For us at Mahindra, we utilise every opportunity to empower our customers, stakeholders, and communities to ‘Rise’; hence our association with ‘Project Nanhi Kali’ to encourage our customers to associate with a worthy cause.”
Commenting on the base price of the NFTs, he said, “For the Mahindra Thar superhero-based NFTs, we intended to build on the aspirational value of the ‘Mahindra Thar’, yet keep it within reach of our loyal customers.”
Lalchandani further informed BestMediaInfo.com about the exclusive benefits NFT owners will get. He said, “The winners of the auctions will be invited to Mahindra Off-Road training academy, Igatpuri, or to Mahindra’s new state-of -the-art SUV Proving Track to experience the Thar in its truest form and experience the adrenaline rush of an authentic 4x4 motoring.”
Further speaking about the cryptocurrencies and taxation on digital assets in India, he said that currently they are ensuring all levels of compliance with the Indian government’s norms, be it getting KYC done or securing payments digitally in Indian currency. He also shared that the Group will abide by all Indian laws and will strive to be at the forefront of blockchain-based technology within the domain of regulatory norms.