Companies use NFTs to boost image in metaverse

economictimes.indiatimes.com:

Chennai/Mumbai: Indian companies across sectors have started experimenting with various options — especially non-fungible tokens (NFTs) — as a marketing tool to expand their presence in the relatively new digital domain of metaverse. These companies range from Mahindra & Mahindra (M&M), Ceat & MG Motor in the automobile space to jewellery brand Tanishq from the Tata Group, to travel aggregator MakeMyTrip. They have introduced their own NFTs. NFTs are digital assets that allow a very limited number of owners a digital experience and also bragging rights. Their ownership is validated by a long alphanumeric code that’s nearly impossible to hack. NFTs, for all practical purposes, are digital arts. To attract new customers who are more tuned to the real world and may not be comfortable with a fully digital experience, companies are mixing in some real-life experience too for NFT owners. Last week, Tanishq launched its new ‘Romance of Polki’ wedding collection in the metaverse, allowing guests to get a 3D experience of the launch and the jewellery pieces as well as to try on a showstopper piece using QR codes from their mobiles. According to Titan CEO (jewellery division) Ajoy Chawla, the company is trying to discover the metaverse and explore its potential.

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The week before Tanishq, it was M&M that auctioned four NFTs based on its iconic Thar SUV, which fetched Rs 26 lakh. The money will be donated for educating underprivileged girls. Along with the ownership rights of NFTs, M&M