The rave and craving for NFT are becoming increasingly massive globally, especially among top-tier companies. Notably, Tech Mahindra is set to launch its marketplace, so MG and Vodafone (NASDAQ:VOD) are also preparing to announce their desire to auction their collectibles. Tech Mahindra is an India-based multinational information technology company worth $13.2B and has its headquarters in Pune. The company was founded in 1986, and Forbes listed it in February 2021 as one of the top 50 Blockchain companies in the world.
Interestingly, the company announced its intention and preparedness to launch its own non-fungible token (NFTs) marketplace in just a few weeks. There is also an intention to monetize its progress in the blockchain industry.
Read Also: How A Millennial NFT Investor Earned About $100,000 in 6 Months
The company's plans to fully venture into the NFT space were stated by Rajesh Dhuddu, Vice President and Practice leader of blockchain and cybersecurity domains at the company. According to him, the company's NFT market space will be a favorable marketplace where the creators and celebrities will be able to monetize their special digital art and memorabilia. These NFTs are a kind of digital asset that employs blockchain to highlight and document the ownership of items such as images, videos, and many other collectibles.
NFTs marketplaces are a digital representation of how art houses display paintings and pictures physically. Sadly, many of the dinners and parties through which artworks are showcased have been affected by the COVID-19 pandemic. Therefore, creators and celebrities are adopting NFTs. For instance, the 45th First Lady of the United States, Melania Trump, recently announced her intention to launch an NFT platform in partnership with Melania's Vision. A part of the proceeds is expected to support children in the foster care system.
This is similar to what Tech Mahdira seeks to achieve, as the proceeds from the sale of the NFTs will be donated to the United Nations High Commissioner for Refugees (the UN Refugee Agency) to support persons who have been forcibly displaced.