Skoda Auto launches NFTs with Skodaverse India; Know the details

Škoda Auto India said it has introduced Škodaverse India as part of the global Škodaverse initiative, which aims to explore the potential of Web 3.0.

The company said that it has taken a step towards embracing innovative technologies and engaging a younger audience. 

According to the company's statement, the platform allows users to participate in the world of Non-Fungible Tokens (NFTs) by enabling them to explore, purchase, and trade these unique digital assets online.

NFTs are digital certificates of ownership that cannot be copied, substituted, or divided. They are recorded on a blockchain, which acts as a decentralized digital ledger, ensuring authenticity and ownership. NFTs can represent various forms of digital media such as images, videos, sounds, as well as tickets and membership passes. The Škodaverse India NFT platform is designed to promote universal participation.

Users can acquire NFTs using cryptocurrencies or traditional fiat currencies such as INR, USD, and Euro.

Christian Cahn von Seelen, Executive Director, Sales, Marketing and Digital, Škoda Auto Volkswagen India said, “Škodaverse India signifies the brands leap into uncharted digital territory. It’s not just about creating extraordinary digital assets, it’s about forging deep connections with a community that shares an unwavering passion for the brand and its initiatives in India. It also showcases our commitment to sustainability and innovation, through leveraging carbon neutral blockchain technology that enables secure, transparent, and decentralized transactions.”

The platform emphasizes sustainability by choosing the NEAR Protocol, a carbon-neutral project certified by South Pole, to mint its initial collection of NFTs. NEAR Protocol is a layer-one blockchain platform that uses a sharded, proof-of-stake mechanism, making it user-friendly and efficient.

To implement its web 3.0 strategy, Škoda Auto India has collaborated with Antier, a prominent blockchain consulting firm. Antier will play a key role in creating and minting NFTs, utilizing their expertise in comprehensive innovation-focused processes. This collaboration signifies Škoda's commitment to exploring the possibilities of this technology and venturing into new realms to connect with its audience.

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