Royal Enfield launches NFTs priced at Rs 15,000

TusharK · 23rd September 2022, 12:57

Royal Enfield has announced its entry into the NFT space. The newly introduced NFTs are inspired by the Arts of Motorcycling (AOM) program and cost Rs 15,000.

Royal Enfield launches NFTs priced at Rs 15,000-2_page0037.jpg

The NFTs feature 10 winning artworks from seasons 1 and 2 of the AOM program. The proceeds from the sales will go directly to the artists. The copyrights for these NFTs will be held by Royal Enfield.

NFT or Non-Fungible Token is a digital token based on blockchain technology. Each token is unique and non-interchangeable. Customers will be able to purchase them on the Foundation marketplace.

Nikhildrao · 23rd September 2022, 13:48

RE missed the boat with NFTs, the hypetrain has moved on and the recession is right around the corner if not already.

superbad · 23rd September 2022, 13:50

If somebody more learned than me can shed light :-
1) What do these NFTs "do" exactly?
2) Is it a physical artwork, or a digital file, if the latter, then in what format?
3) If one purchases an NFT, doesn't one get full copyright & ownership of the same? How can RE keep the copyright with themselves? Then what is the purchaser paying money for?

Cresterk · 23rd September 2022, 23:27

As usual, Royal Enfield is too late to the party, just as it is in implementing new tech in their bikes. The NFT hype train left the station looong ago and barely anyone is foolish enough to still buy into this pump and dump crap.

RT13 · 24th September 2022, 15:49

I don’t understand this. I’ve been on the NFT fence for a while and arguably luckily didn’t take the plunge looking at how the NFT and crypto winter has set in. So I’m not entirely clueless. It therefore puzzles me as to why anyone would buy an NFT which doesn’t come with the copyright. That just seems contradictory to me. For art, the most basic NFT is proof of ownership and copyright. Why would anyone buy this? What am I not getting here? Is this just a(nother) RE gimmick? At just 15k and 10 nos I’m sure any of their fanbois could pick it up but it just seems both strange and a missed opportunity to do it right (if one wanted to do it at all).

2000rpm · 24th September 2022, 18:26

There were soooo many ideas to experiment with for RE with NFTs. Some I can think about in top of my head are.

Priority access to limited / exclusive editions.
Priority delivery of vehicles.
Discount on accessories.

With these utilities, the NFT will garner a lot of attention and value. Plus RE would have been able to earn money from secondary sales of the NFTs also.

I think all brands in India are playing it safe (because of the fear of the government), but want to get onto the hype boat. Hence the half hearted efforts.

23rd September 2022, 12:57	#1
TusharK Senior - BHPian Join Date: Jul 2017 Location: Pune Posts: 6,262 Thanked: 55,788 Times	Royal Enfield launches NFTs priced at Rs 15,000 Royal Enfield has announced its entry into the NFT space. The newly introduced NFTs are inspired by the Arts of Motorcycling (AOM) program and cost Rs 15,000. The NFTs feature 10 winning artworks from seasons 1 and 2 of the AOM program. The proceeds from the sales will go directly to the artists. The copyrights for these NFTs will be held by Royal Enfield. NFT or Non-Fungible Token is a digital token based on blockchain technology. Each token is unique and non-interchangeable. Customers will be able to purchase them on the Foundation marketplace.
	(2) Thanks

23rd September 2022, 13:48	#2
Nikhildrao BANNED Join Date: May 2020 Location: Bangalore Posts: 190 Thanked: 828 Times	Re: Royal Enfield launches NFTs priced at Rs 15,000 RE missed the boat with NFTs, the hypetrain has moved on and the recession is right around the corner if not already.
	() Thanks

23rd September 2022, 13:50	#3
superbad BHPian Join Date: Sep 2018 Location: Pune Posts: 314 Thanked: 990 Times	Re: Royal Enfield launches NFTs priced at Rs 15,000 If somebody more learned than me can shed light :- 1) What do these NFTs "do" exactly? 2) Is it a physical artwork, or a digital file, if the latter, then in what format? 3) If one purchases an NFT, doesn't one get full copyright & ownership of the same? How can RE keep the copyright with themselves? Then what is the purchaser paying money for?
	(7) Thanks

23rd September 2022, 23:27	#4
Cresterk Senior - BHPian Join Date: Mar 2019 Location: Kerala Posts: 1,586 Thanked: 5,404 Times	Re: Royal Enfield launches NFTs priced at Rs 15,000 As usual, Royal Enfield is too late to the party, just as it is in implementing new tech in their bikes. The NFT hype train left the station looong ago and barely anyone is foolish enough to still buy into this pump and dump crap.
	() Thanks

24th September 2022, 15:49	#5
RT13 BHPian Join Date: Mar 2010 Location: Bangalore Posts: 370 Thanked: 1,036 Times	Re: Royal Enfield launches NFTs priced at Rs 15,000 I don’t understand this. I’ve been on the NFT fence for a while and arguably luckily didn’t take the plunge looking at how the NFT and crypto winter has set in. So I’m not entirely clueless. It therefore puzzles me as to why anyone would buy an NFT which doesn’t come with the copyright. That just seems contradictory to me. For art, the most basic NFT is proof of ownership and copyright. Why would anyone buy this? What am I not getting here? Is this just a(nother) RE gimmick? At just 15k and 10 nos I’m sure any of their fanbois could pick it up but it just seems both strange and a missed opportunity to do it right (if one wanted to do it at all).
	() Thanks

24th September 2022, 18:26	#6
2000rpm Senior - BHPian Join Date: May 2013 Location: Mumbai Posts: 1,517 Thanked: 6,050 Times	Re: Royal Enfield launches NFTs priced at Rs 15,000 There were soooo many ideas to experiment with for RE with NFTs. Some I can think about in top of my head are. Priority access to limited / exclusive editions. Priority delivery of vehicles. Discount on accessories. With these utilities, the NFT will garner a lot of attention and value. Plus RE would have been able to earn money from secondary sales of the NFTs also. I think all brands in India are playing it safe (because of the fear of the government), but want to get onto the hype boat. Hence the half hearted efforts.
	() Thanks