MG Motors Launch Nft in India - MG NFT Means, Nft Collection
NFT or non-fungible token, is a digital asset that represents real-world objects like art, music, collectables, GIFs, video, etc.
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.
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.
So, instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file with exclusive ownership rights.
The transactions are in Indian rupees, the users can opt for payments via a credit card, a debit card, or through UPI.
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.
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