Skoda Auto Enters the World of NFTs with Trading Platform

Credit: Skoda Auto

Skoda India, a branch of the larger Skoda Auto company based in the Czech Republic, is launching a non-fungible token platform dedicated to forming long-term relationships with its customers.

The marketplace will run on the NEAR protocol, a carbon-neutral Layer 1 blockchain that permits decentralized trading of digital assets. Keeping with its user-friendly aim, NFT traders and collectors will be able to pay with crypto and various fiat currencies, such as the Indian rupee, U.S. dollar, and the Euro.

The first collection to be launched on the platform will be specific to Skoda India, though the contents of that NFT set and its price point are not known yet. The company has previously launched a phygital hoodie NFT collection wearable IRL and in the company’s metaverse.

Arpit Sharma, NEAR’s Managing Director in India, Southeast Asia and Middle East, told Rarity Sniper that the NFT platform will combine the worlds of digital collectibles and automobiles. He pointed out that Skoda had a vision of creating a platform where the energy cost would be carbon neutral.

“This aligns perfectly with our shared commitment to driving innovation while being mindful of the planet,” he said. “Together, we are at the forefront of shaping the future of NFT experiences and showcasing the transformative power of blockchain technology in the automotive industry.”

According to a press release from Skoda Auto, the NFT collections on the platform will ensure a high-quality and engaging experience for collectors. Users will be able to unlock experiences through their NFTs and create a deeper bond with the brand. After launch, collectors can access the platform through the Skodaverse, which is the company’s dedicated metaverse.

Dedicated NFT Marketplaces Becoming More Popular

At Rarity Sniper, we’ve covered countless stories over the past year and a half, and one of the starkest trends since the start of the bear market is this: More and more companies are launching their own NFT marketplaces.

The trend includes mainstream companies like Mattel, who debuted their platform earlier this year, as well as Web3 native companies like Yuga Labs, who, through the APE decentralized autonomous organization, have commissioned an NFT platform specifically for Yuga digital assets.

The movement has gotten so advanced that Rarible, a top NFT marketplace, has a service where it builds community platforms for NFT collections. Among the benefits it cites, community marketplaces can lead to lower fees, fewer scams, and foolproof revenue with enforced royalties.

To build its platform, Skoda has partnered with Antier, which bills itself as the largest blockchain company in India. Antier provides enterprise-grade blockchain solutions for companies looking to enter Web3 and has worked with companies like Changelly and Unstoppable Domains.

Time will tell what Skoda’s NFT platform will look and feel like: There are many examples of marketplaces adapting the layout to suit the needs of its customers, such as Blur focusing on the statistics of the NFT rather than the image. With a product like automobiles, the result for Skoda’s marketplace could certainly be interesting.

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