The Mahindra Group entered the world of NFTs, earlier this week, with its set of non-fungible tokens based on its flagship vehicle Thar. Within days, one of the digital pieces was sold for a record Rs. 11 lakh. The group’s chairman Anand Mahindra has described the response to Thar NFT as “overwhelming”. The company said that all proceeds from the auction will go to Project Nanhi Kali – to support the education of underprivileged girls in India.
“An overwhelming response to the auction which means it’s almost as expensive as buying the real Thar. But that makes sense, since the NFT is truly one of a kind,” said Mahindra on Twitter. The tweet accompanied an image of the vehicle. The message on it read, “The master of the NFT universe stands tall at a super bid of Rs 11 lakh.
An overwhelming response to the auction which means it’s almost as expensive as buying the real #Thar! But that makes sense, since the NFT is truly one of a kind… https://t.co/ZfNDf82GRlpic.twitter.com/P0FOfuF64w
— anand mahindra (@anandmahindra) April 1, 2022
So far, Mahindra has earned a total of Rs 26 lakh from the sale of the first batch of NFTs. The NFTs were released in collaboration with Tech Mahindra, the IT arm of Mahindra Group, and were made available for bidding at Tech Mahindra’s NFT marketplace “Mahindra Gallery”starting March 29.
“An action-packed auction of the first-ever series of THAR NFTs has garnered high bids worth Rs 26 lakh. Proceeds from the auction will be donated to Nanhi Kali empowering school education of underprivileged girls,” Mahindra Thar said in a tweet.
An action-packed auction of the first-ever series of THAR NFTs has garnered high bids worth ₹ 26 lakh. Proceeds from the auction will be donated to @NanhiKali empowering school education of underprivileged girls. https://t.co/rG4gISzopl#TharNFT#ExploreTheImpossiblepic.twitter.com/bsRZssOCLx
— Mahindra Thar (@Mahindra_Thar) March 31, 2022
In an update on Saturday, Mahindra said that the auction for the first-ever Thar NFTs has concluded. Thanking the participants and congratulating the winners, it asked them to “keep a watch out” for an email from them on the next steps they would be required to follow.
Mahindra had introduced a set of four NFTs – Standing Tall, Born of the Earth, Taking Flight, and Explore the Impossible. The highest bid of Rs 11 lakh was made for Standing Tall. The NFT emphasized Thar’s ability to move on extremely rough terrains such as rivers, inclines and dunes. The high-seating position of the Thar was also highlighted in the NFT.
The winners would get to experience the Thar at one of Mahindra’s thrilling off-roading tracks.