Case of creating the Automotive Industry's first NFT marketplace
Client Background & Challenge
The client is a multinational automotive manufacturing company which is one of the largest vehicle manufacturers by production in India. More than 40 percent of the buyers of their flagship SUV brand are tech savvy millennials and 57 percent of them are first-time car/SUV buyers. The client wanted to inculcate the feeling of pride associated with owning a ‘Made in India’ brand within this buyer segment. The gallery was envisioned to be a first-of-its-kind from global corporate conglomerates to make the group’s archives and collectibles accessible to digital collectors globally. The marketplace will not only showcase the rich legacy and heritage of the client through a truly immersive experience, but also provide an opportunity to digital collectors, customers and patrons to buy, collect and later monetize them using blockchain and NFT technology.
Our Approach & Solution
Initiation: One of the key aspects to be taken into consideration was the kind of creatives to be selected/created that would share the story of the vehicle in the most compelling manner to the intended audience. Tech Mahindra and the client teams brainstormed together and came-up with unique themes from the journey of the SUV, starting from its genesis to its positioning as a leading 4x4 off-roading automobile brand in India.
Building the Solution: As part of the collaboration, Tech Mahindra brought-in its extensive domain and technical expertise to create an immersive customer experience on the NFT marketplace. The client’s creative and design team designed four creatives that were shared with Tech Mahindra. These were minted into NFTs by Tech Mahindra and hosted on a dedicated NFT marketplace for the client. The marketplace enabled their buyers and other auto enthusiasts across India to participate in an auction-based bidding process and become proud owners of the NFTs of their favorite brand by placing the highest bid across the four NFTs listed for sale. Further, the platform collected the KYC information of the buyers and enabled them to place bids in fiat currency.
Key Features of the Solution:
• Built the gallery on Polygon platform that enables the buyers to place bids with a running counter for 72 hours across the four NFTs.
• An option to support both fiat and crypto checkout, but in this case and as per client scope, we had enabled only fiat option where users can buy NFTs using credit card/debit card/ACH.
• Drop, auction, royalties, advanced token search, and predictive bidding are some of the other features supported by the marketplace.
• Our blockchain further helps with instant verification of authenticity, provable ownership, traceability, immutability, peer-to-peer trading, and the ability to create provably unique collectibles, powered by non-fungible tokens (NFTs).
• As part of client’s decision, it was decided that the proceeds of the sale would go to ‘Nanhi Kali’, an Indian non-government organization that supports education for underprivileged girls in India.
Business & Community Impact
The three-day auction was a stellar success and not only enhanced brand awareness, but also invited bids totaling Rs. 2.6 million. Further, the auction also resulted in enhancing the brand recall and stickiness amongst the target buyer segment. Some of the other key datapoints from the auction included:
• Total number of bids: 38
• Total number of unique bidders: 22
• Cumulative bidding amount (across four NFTs): Rs. 1.34 crore
• Total value of winning bids (across four NFTs): Rs. 26 Lakh
• Total unique visitors to the portal: 25,111