Mahindra & Mahindra Ltd. today announced its entry into the NFT (non-fungible token) universe, with the release of its first tranche of tokens, becoming the first Indian automotive OEM to enter this space. NFTs are at the forefront of blockchain technology and have captured the interest of the digitally savvy and constantly connected generation. The entry of Mahindra into the NFT universe is yet another testimony of their continued focus on digital initiatives in the country.
The first NFT offerings from Mahindra will be based on the iconic Thar and will be released in collaboration with Tech Mahindra. Thar exemplifies the Mahindra promise of 'Explore the Impossible'. Additionally, its larger-than-life imagery is suited to the futuristic, socially wired landscape of NFTs. 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. Access to education helps the girl child in fulfilling her dreams and lays the foundation for an equal society.
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.
Commenting on the launch, 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."
CP Gurnani, MD & CEO, Tech Mahindra, said, "At Tech Mahindra, we believe in innovating for the future. As an industry front runner, we have significantly contributed to digital transformational strategies and solutions. In line with our aim to reimagine customer experience, engagement and brand equity through digital transformation, we are launching an NFT marketplace in collaboration with Mahindra Group. This market place titled 'Mahindra Gallery', is a one-stop-digital assets and collectibles marketplace for all patrons of the Mahindra Group, and 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."
The unveil and auction for the first Thar NFT will take place on 29th March 2022 on https://auto.mahindra.com/suv/thar/nft starting at 11 am IST, followed by a 30 min gap for subsequent auctions.
This will be a once-in-a-lifetime opportunity to own the very first NFTs of Mahindra Thar by participating in the auction.
Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 764.70 as compared to the previous close of Rs. 765.85. The total number of shares traded during the day was 146926 in over 3700 trades.
The stock hit an intraday high of Rs. 774.50 and intraday low of 758.45. The net turnover during the day was Rs. 112081411.00.