In India, various companies are experimenting with the use of non-fungible token (NFTs) to expand their reach in the digital space. Some of these include M&M, Ceat & MG Motor, and Tanishq, which is a jewelry brand from the Tata Group.
They have introduced NFTs, which are digital assets that allow limited number of owners to experience a digital experience.
NFTs and their benefit in businesses
NFTs are digital assets that can be used for various practical purposes. Their ownership can be validated using a long, hard-to-crack code.
In order to attract more customers who are not comfortable with a digital experience, companies are also experimenting with incorporating real-life experiences into their offerings. For instance, Tanishq recently launched its new collection, which is called the Romance of Polki. Through the metaverse, guests can get a 3D look at the collection and try on the various pieces.
NFT popularity in Indian business industry
Ajoy Chawla, the CEO of Titan’s jewelry division, said that the company is exploring the metaverse’s potential. During the week before Tanishq’s launch, M&M had auctioned off four NFTs based on the company’s iconic Thar SUV. The proceeds from the sale will be used to fund the education of underprivileged girls.
M&M also offered the four lucky winners an off-roader experience to drive the Thar. In March, MakeMyTrip had also sold vacation NFTS on an instant basis for just Rs 14,999. Ceat, on the other hand, is working on creating a dedicated e-commerce platform for its tire business that will allow customers to order and pay for their tires online. According to Ceat’s chief digital officer, Ritesh Arora, the company is currently in the process of integrating its e-commerce platform with the metaverse.
According to MG Motor India’s president and CEO, Rajeev Chaba, the company’s goal is to provide its digital community with a piece of the company through NFTs.