Indian multinational motorcycle manufacturing company, Royal Enfield is riding onto NFT road with the release of NFTs featuring ten winning artworks from its Art of Motorcycling (AOM) programme on 3rd October.
The programme was designed to drive creativity amongst artists, designers, illustrators, motorcyclists, and creators to express their love for motorcycling. The company will release the winning artworks from both season 1 and season 2 as their NFTs.
Royal Enfield is selling the NFT at a pre-defined price of Rs 15,000 each on the Ethereum based NFT marketplace, Foundation.
The sale will be done on a ‘first come, first serve’ basis. The NFT holders will be the sole owner of the NFT purchased and can use the same in unaltered form. However, they won’t have any rights which include the copyright of the depicted artwork.
Thus, Royal Enfield will own and have all the intellectual property rights, including copyright, in the underlying work of art.
Nevertheless, that doesn’t take away the NFT holder’s right to re-sell the NFT whenever and to whomever the holder deems fit. Note that, no commission or loyalty for such sale shall be payable to Royal Enfield or the artist.
The proceeds from the NFTs will directly go to the artists. For buying the NFTs, one needs to simply download and install the Metamask wallet to set up your wallet, choose your NFTs and pay the transaction gas fees.
Puneet Sood, Global Head of Apparel Business at Royal Enfield, “We are extremely proud to take this to the next level in the digital space, as we announce the launch of Royal Enfield’s first-ever NFTs to encourage this ever-growing community scale to new heights”.
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