M&M to auction Thar NFTs on 29th March

26 Mar 2022 , 12:05 PM

Mahindra & Mahindra (M&M) announced its entry into the NFT (non-fungible token) universe, with the release of its first tranche of tokens.

NFTs are digital assets that are stored on the blockchain. NFTs have captured the interest of the digitally savvy and constantly connected generation.

The company initially proposes to start with four series of NFTs of iconic Thar vehicle. It will be released in collaboration with Tech Mahindra. The estimated investment towards the same is less than Rs 1 crore.

This first-ever series comprises four NFTs that will be put up for sale via an auction starting 29 March 2022, on Tech Mahindras NFT marketplace christened Mahindra Gallery.

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.

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, M&M said in a statement.

M&M offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment.

M&Ms consolidated net profit surged 127.2% to Rs 1828.69 crore on a 9.1% increase in net sales to Rs 23594.46 crore in Q3 December 2021 over Q3 December 2020.

Shares of M&M declined 0.15% to close at Rs 764.70 on Friday, 25 March 2022.

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