Royal Enfield NFT: What is it, how to buy, the benefits and more

Earlier this year, Royal Enfield launched its first set of NFTs becoming the first two-wheeler brand to do so, offering the winners of its art programme a global platform and fans & community a new way of indulging with the brand. NFTs are a nascent concept and have their ups and downs since 2014 when the every first was created. How does a motorcycle company make use of this concept and how is its vanue affected and how can you buy it, and why? Take a look.
What is an NFT?
A Non-Fungible Token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger.NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.
Royal Enfield is the first two-wheeler company to have launched NFTs that include art from its Art of Motorcycling (AOM) contest. The winning entries of the campaign have been immortalised in a digital format which can be purchased via foundation.app.
The Royal Enfield NFTs include the winners of the Art of Motorcycling art contest's seasons 1 and 2. There are a total of 10 NFTs that were launched at Rs 15,000 each. All of the 10 NFTs have been sold. Interested buyers can head to foundation.app to make an offer for purchasing an NFT. The resale value of each NFT will be affected as would that of a canvas painting, depending upon the buyer, seller, and market conditions. While Royal Enfield reserves the IP rights to the NFTs, the buyer can use them in their personal, non-commercial space.

In conversation: Puneet Sood, Global Head, Apparel Business
To know more about the company's NFT, we got into a conversation with Puneet Sood, Global Head, Apparel Business who let us in on why was AOM art chosen for the company's first NFT and what the future entails.
"Royal Enfield is a lot more than just a motorcycle retailer. We use multiple canvases to further express the motorcycling culture and that includes art. We have indulged in collaborations with artists across the globe," says Sood adding that AOM NFT is an extension of the company's community building, widening the scope of how people can interact with the brand.
The reason why the 'Art of Motorcycling' campaign was chosen for Royal Enfield's NFT is that it allows riders or non-riders, owners, or fans to all be able to contribute to their expression of motorcycles and the culture that they entail. "For someone who rides, their expression could be a memory of a good ride and for someone who does not ride, it could be their imagination of what they think about the world of motorcycles."
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The Art of Motorcycling campaign began in 2020 and Royal Enfield has attracted an 'overwhelming response' from tier II and tier III cities, non-riders as well, which "tells us that there is this innate love for the motorcycle culture amongst people who have not yet spent time on the saddle." Through NFT, the artists of the Art of Motorcycling get a medium to showcase their art globally. The revenues generated through these NFTs goes to the original artists and the company also pays them a royalty when an NFT is used on the company's official merchandise as well.
While the company has not committed to consistently launch NFTs yet, it is an avenue that they are closely watching and are hopeful of positive growth keeping in mind the rise in digitisation and metaverse trend.