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MG Motors Launch Nft in India - MG NFT Means, Nft Collection

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NFT or non-fungible token, is a digital asset that represents real-world objects like art, music, collectables, GIFs, video, etc.

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How does it work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. For NFTs, these transactions or data record the nature, location, and ownership of the assets. This is like the proof of authenticity.

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In simpler words, it’s a digital form of collector’s item, wherein potential customers can purchase a genuine version of the original artwork in the form of a digital file.

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So, instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file with exclusive ownership rights.

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The transactions are in Indian rupees, the users can opt for payments via a credit card, a debit card, or through UPI.

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The NFTs unique data eases the process of verifying the ownership and also transferring tokens between owners. NFTs exist on a blockchain, which is a distributed public ledger that records transactions.

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NFT is also like a proof of authenticity as these transactions record the nature, location, ownership of the assets. MG’s NFT platform is powered by Koinearth’s NFT platform