This article is for general information purposes only and isn’t intended to be financial advice.
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Many big players in major industries are beginning to implement NFTs and blockchain technology into their business practices. One industry that has been hopping onto the NFT craze has been Luxury Automobile. Names ranging from Ferrari all the way to Porsche have created collections that can be collected, bought and traded by the public. In this article we are going to discuss some of the large automobile co-operations that have put out their very own NFT collections as well as some of their features.
The German luxury car brand Porsche is entering the NFT space by launching 7500 Porsche 911 collectibles. This gives die hard fans and investors a great opportunity to purchase rare NFTs from one of the most luxury car brands.
What makes Porsche's NFT collection unique is the users will be able to customize their NFTs which give them even more exclusivity. This feature will be available a few days after the private and public mint and Porsche states that at a later stage holders will be able to claim a 3D version of their NFT which opens up even more opportunities in the future.
Ferrari entered the NFT space after announcing a partnership with Velas Network where they would launch their first NFTs.
The project is still in progress and unfortunately the website was hacked which resulted in scammers selling NFTs on the site for ETH.
The scammers created a NFT collection entitled “Mint Your Ferrari” where 4,458 Horsepower NFTs were minted on the Ethereum network. This may have resulted in a setback on the initial release but the community is sure that it will still happen in 2023.
Alfa Romeo recently entered the NFT space except with a twist. They use cryptography to verify the ownership of cars once purchased. This is done by recording all data during the car's life cycle and then storing that information on the blockchain. No other automobile org. has implemented blockchain in such a unique, yet important way.
Having this technology in place allows new buyers to understand and view the past performance of the car which reduces the chances of people buying cars that have been driving recklessly or even stolen.
BMW announced that it was applying to trademark its logo with all relation to NFTs, the metaverse and digital collectables. It can be guessed that BMW will incorporate the following into NFTs:
This isn't BMWs first rodeo in the WEB3 space as they have in the past launched a blockchain rewards program in South Korea as well as funding a blockchain startup Vendia.
BMW will certainly make noise once their NFT project launches as they are one of the largest car manufacturers and BMW is known for going BIG!
The NFT space is certainly in an important phase as large organizations in all sectors are starting to adopt the technology in more ways than just releasing a JPEG. We definitely see more companies doing what Alfa Romeo is incorporating with blockchain as the security.
We hope that you found this information interesting and we are excited to see how other organizations are going to be implementing NFT and Blockchain technology next.