[ph03n!x]

Looks like Mahindra is jumping right in -

More Details

[FlyWheel8]

Atleast there wont be any long wait time for this

[Sen]

NFTs are such a poor concept if you think about it. I hope nobody seriously buys into this. Far from tangible as a use for crypto, it's not like our government can make its own mind up about them to begin with.

[ZenMaster]

Originally Posted by ph03n!x

Looks like Mahindra is jumping right in

More Details

I see this as more of a marketing stunt to grab a few headlines rather than Mahindra looking to make money off NFTs.

[dazdandconfuzd]

Originally Posted by Sen

NFTs are such a poor concept if you think about it. I hope nobody seriously buys into this. Far from tangible as a use for crypto, it's not like our government can make its own mind up about them to begin with.

Depends on the use case. For artwork, I agree. Usually demand is artificially created. But there are other use cases for NFTs.
As CERTIFICATES for example. It being on the blockchain means you can always verify the authenticity of it. Makes it pretty much impossible to produce a counterfeit one! You could even use NFTs to unlock your home, or even your car!
With that said, if you look up cases like the Bored Ape Yacht Club NFTs and the Cryptopunks, however silly they sound, people are making big money (upwards of 6 figures in $) on them.

[GTO]

Thanks for sharing, ph03n!x! Moving this interesting news to a new thread.

[2000rpm]

Random marketing. Cant find the link to the marketplace even with multiple google searches.

Just like New Mahindra Products :P

[TusharK]

Mahindra's first Thar NFTs garner bids worth Rs 26 lakh

Last month, Mahindra announced the first-ever Thar NFTs (non-fungible tokens). The company has now announced that the series of NFTs raised a whopping Rs 26 lakh. The highest bid received for a single NFT was Rs 11 lakh.



As promised, Mahindra will be donating the proceeds from the auction to 'Project Nanhi Kali' for the education of underprivileged girls in India.



Mahindra is the first Indian OEM to offer NFTs, which have gained popularity in recent times. NFTs are based on blockchain technology. Mahindra's first offerings will be based on the Thar and will be released in collaboration with Tech Mahindra.

The winners of the auction will be invited to the Mahindra Adventure Off-road Driver Training Academy at Igatpuri, Maharashtra or to the new Mahindra SUV Proving Track at MSPT, Chennai.

Link to Team-BHP News

[siren373]

Good for them for donating this money, but I still fail to understand the underlying value for NFTs. Seems like another pyramid scheme much worse than crypto

[DarthVeda]

There is a sucker born every minute, and looks like we have lots falling for this piece of crap.

[yashg]

NFTs are a scam. Just another extension of the Ponzi scheme called crypto to attract real money to provide liquidity and exit to whales who are holding bagfuls of worthless Internet funny money.



Those interested in knowing more about the space should watch this video

https://youtube.com/watch?v=YQ_xWvX1n9g

[Starfire]

Originally Posted by yashg

NFTs are a scam. Just another extension of the Ponzi scheme called crypto to attract real money to provide liquidity and exit to whales who are holding bagfuls of worthless Internet funny money.

Attachment 2291247

But isn’t this picture about how any investment works in the first place? The only difference in the picture should be that the Orange cartoon should be giving 2 gold coins to the blue cartoon in place of one. (Cause thats how appreciation works in any investment). Now in the above picture, you can replace the NFT with property keys, shares, vintage art or any investment that appreciates and you’ll understand the picture better.

Im not a big fan of NFT’s either, just like I was never a fan of Bitcoin when it came out, but today when I see people who have actually become millionaires from it within half a decade, i’m pretty sure NFT’s might follow a similar path once they start appreciating. After all, everything thats sold has its own share of collectors wanting a piece of the pie.

[Samfromindia]

On which blockchain are they hosted ? Are they listed on any NFT trading platforms like OpenSea ?

NFT is all about hype and rarity. I wonder if Mahindra has a roadmap for their NFT project else initial investors will lose all these money in no time, unless they purchased them purely for charity.

[yashg]

Originally Posted by Starfire

But isn’t this picture about how any investment works in the first place? The only difference in the picture should be that the Orange cartoon should be giving 2 gold coins to the blue cartoon in place of one. (Cause thats how appreciation works in any investment). Now in the above picture, you can replace the NFT with property keys, shares, vintage art or any investment that appreciates and you’ll understand the picture better.

Investments don't work like that. While it is true that anything has value only as long as someone is willing to buy it. But the question is why is someone willing to buy it in the first place? Land, grains, art has utility value. You can build a house or factor over the land. You can farm on it or mine it. Art has decorative value just like gold and silver. Besides what gives value to art/gold etc is it's scarcity and physical nature.

Shares get value from the underlying business of the company. If the share markets were to shut down tomorrow forever, share value will not become zero. It will still be worth something as long the company has a positive net worth. Shares also represent a share in ownership of the company so someone would always be interested in acquiring the shares to become owner of the company and not just to share them at a profit. (Take latest example of Elon Musk offering to buy Twitter ad take it private).

NFTs - what given them value? What utility does it provide to its owner? What do you get when you buy an NFT? You don't get ownership of anything, you don't get physical possession of anything that you and only you have. There is no utility to be derived. If the only reason one should buy an NFT is so that they can sell it to someone at a higher price in future then that's a classic ponzi scheme. And world has finite supply of gullible idiots so all ponzis eventually collapse.

[Starfire]

Originally Posted by yashg

If the only reason one should buy an NFT is so that they can sell it to someone at a higher price in future then that's a classic ponzi scheme. And world has finite supply of gullible idiots so all ponzis eventually collapse.

So firstly, NO, NFT’s are not classic Ponzi. It does not include others selling your product with you as the middle man in it. Nor does it involve presence of multi level investors like a Pyramid. Its just a simple “I sell, you buy” scheme, a linear transaction like selling any other commodity between 2 parties on OLX where the highest bidder gets the product.

Secondly, I beg to defer but what may not seem of utility and value to you may be highly valuable to someone, even if it exists virtually. Don’t believe me then ask the guy who paid $450000, just to buy a house next to Snoop Dog and be called his neighbour in the Metaverse . I may bottle a airtight jug filled with nothing but air and sell it to you after 50 years saying its something worth it. You may laugh and say well its not worth anything as its just air, while someone else may say that this is “50 year old air! The same one that existed during the world war or the same air which his grandfather inhaled when he was alive.”

In short, to rephrase your statement, there is an INfinite amount of people who are ready to buy anything AS LONG AS you can convince them that its worth the value and WHY. The day you can’t is the day when the infinity ends and the product looses all its value. According to me, NFT’s may not last long, but while they do, people will make killer earnings on it. If you wanna invest long term, buy a house and watch it appreciate over 10 years by tenfold. But you want something that appreciates tenfold over a few weeks, buy NFTs. (Just make sure you don’t hold onto it for 10 years or the hype-train will pass and the house would probably had seemed a better investment by then)