Mahindra and Mahindra’s Thar is a craze among car lovers and its digital version is no exception. A non-fungible token (NFT) of the vehicle called Standing Tall was sold for Rs 11 lakh, which is almost as much as the price of the real SUV, which costs Rs 12.8 lakh for its entry level basic model.
The reserve price for Standing Tall in the auction was Rs 3 lakh, data from Mahindragallery.com showed.
M&M raised a total of Rs 26 lakh from the auction and the proceeds of the same will go to Project Nanhi Kali to support education of underprivileged girls in the country.
“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 the Anand Mahindra on Twitter. The tweet was accompanied by an image of the vehicle, which reads, ”The master of NFT universe stands tall at a super bid of Rs 11 lakh.”
Announcing the auction, Anand Mahindra tweeted about the new experiment: “We believe it’s not just a make-believe world, it’s also a place where we can explore solutions for making the real world a better place. Only fitting that the Thar — our flagship off-roader — leads us into the uncharted landscape of NFTs.”`
An NFT is a digital asset and its ownership is validated by a long alphanumeric code. Normally, the name of winning bidder is never revealed and only alphanumeric code is displayed
The winner of the Thar auction for the most valued NFT went by the code 0x6394…43B9, consisting of 42 alphanumeric digits.
In total four NFTs were put up for auction with the aggregate reserve price at Rs 6 lakh. The highest bid for the Born of the Earth NFT was Rs 5.25 lakh, while the Taking Flight NFT got Rs 5 lakh and the Explore the Impossible NFT fetched Rs 4.75 lakh