Skoda Auto forays into NFTs with Skodaverse India, Auto News, ET Auto

New Delhi: Skoda Auto India has announced its global Web 3.0 initiative with Skodaverse India with innovative technologies aimed at putting newer and younger audiences in the driver’s seat.

Part of the global Skodaverse initiative, Skodaverse India starts with a platform that enables users to explore, buy and trade NFTs (Non-Fungible Token) online. This initiative aims to build a community of Skoda loyalists to engage, collaborate and build a long-term relationship with the brand.

Christian Cahn von Seelen, Executive Director, Sales, Marketing and Digital, Skoda Auto Volkswagen India, said, “Skodaverse India signifies the brands leap into uncharted digital territory. It’s not just about creating extraordinary digital asset, 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.”

An NFT is a digital certificate of ownership that acts as a unique identifier which cannot be copied, substituted or subdivided. It is recorded on a blockchain and used as a certificate of authenticity as well as ownership. An NFT can be an image, video, sound or any other creative digital form as well as tickets and membership passes.

To enable universal participation of all Skoda India enthusiasts, the Skodaverse India NFT platform will enable purchase of NFTs through crypto currencies as well as through INR, USD, Euro and other fiat currencies. Keeping sustainability as a guiding star, the first collection of NFTs will be minted on the NEAR Protocol, a carbon neutral project as certified by South Pole. The platform is built on a shared, proof-of-stake, layer-one blockchain designed for usability.

Skoda Auto India is commencing its web 3.0 strategy in collaboration with Antier, a blockchain consulting firm, which is also spearheading comprehensive innovation-focused processes of creating and minting NFTs.