Skoda Launches ‘Skodaverse’ NFT Platform in Crypto-Sceptic India: Details

Skoda, the Czech Republic-based automaker, has forayed into Web3 in India. The company has announced the launch of the ‘Skodaverse India', a platform that will work in compatibility with NFTs and will not levy hefty gas fees to the customers. The company aims to combine the utility element of non-fungible tokens to incentivise its customers. Skoda has partnered up with Near Protocol, a decentralised apps (dApps) platform, for its India-focussed Web3 venture.

“Starting with this new NFT platform, we step into the Web3 space and invite you to join us by exploring, collecting and owning unique digital art pieces. We believe the NFT collections will inspire you, spark your curiosity, and get you to explore the new and the better,” the official Skodaverse website said.

The debut NFT collection from Skoda does not yet have a release date. The pricings of these NFTs also remain unclear.

The company, however, has disclosed the special features its NFTs will be loaded with; these include lower gas fees, interoperability for multi-platform usage, ideal for trading on marketplace, while also being eco-friendly.

Users who wish to purchase and avail the benefits of Skoda's NFTs will have to create an account on the official Skodaverse platform. “Once an account is created, users will be able to mint the NFT whenever it is dropped through addition of funds to their wallets. The offer price of a Škoda NFT can vary depending on factors like rarity, demand, and the specific marketplace,” the website revealed.

Users will be allowed to purchase these NFTs via crypto as well as fiat currencies.

Skoda posted an official announcement about its Web3 foray in India on Twitter as well.

This development marks a positive for the Web3 industry in India, still reeling under regulatory uncertainty in the country.

The company, which reportedly has two manufacturing plants in India, is among the top ten car brands here competing with Maruti Suzuki, Hyundai Motor Company, and Tata Motors among others.

Last year, Skoda sold over 50,000 units in the domestic market, bringing more customers under its brand umbrella.

The automaker's sizable customer base will now have access to experimenting with NFTs, which could give a notable push to Web3 adoption in India.

Skoda, however, is not the only automaker that has ventured into the NFT sector in India, despite the country's slippery stance on the digital assets sector. India is currently working to frame guidelines to govern the crypto and Web3 sector to safeguard its citizens from financial risks associated with the volatile market.

Previously, Mahindra, Ford, and MG have also marked their presence in India's Web3 space.