Czech automobile conglomerate Škoda Auto launches NFT platform
June 20, 2023

Czech automobile conglomerate Škoda Auto launches NFT platform



On June 20, Škoda India, the Indian subsidiary of Czech automobile conglomerate Škoda Auto, launched a Web3 and nonfungible token (NFT) experience in partnership with Near Protocol. Dubbed “Škodaverse India,” developers say the platform will possess low gas fees, interoperable NFTs for multiplatform usage, and eco-friendly, scalable NFTs. The firm wrote: 

“Škodaverse India will also unlock bespoke utilities and experiences for NFT holders which will be revealed along with the first drop details. All NFTs will be minted on carbon-neutral blockchains, aligning with our sustainable vision.”

The debut Škoda NFT collection is scheduled to launch “soon,” with no fixed date or offer price. Users will be able to mint the NFT whenever it is dropped through the addition of funds to their wallets. 

Benefits for NFT holders, as listed by developers, include owning a unique digital asset representing Škoda’s artwork or collectibles, potential for “value appreciation” and resale in the future, and access to exclusive perks, rewards or experiences tied to NFT ownership. Trading is available via both fiat and cryptocurrencies. Developers also stated the NFT platform represents the firm’s first venture into Web3: “We step into the Web3 space and invite you to join us by exploring, collecting and owning unique digital art pieces.”

Established in 1925 in what was then Czechoslovakia, Škoda was one of the largest industrial manufacturers in Interwar Europe until it became state-owned in 1948. The firm gradually became a subsidiary of German automobile manufacturer Volkswagon after the collapse of the Czechoslovak Communist regime in 1990. Its car brand is popular among countries in Central and Eastern Europe, with 731,000 total cars delivered in 2022. 

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