Despite the recent market fluctuation, non-fungible tokens continue to gain mainstream adoption and use cases across different sectors. Non-fungible tokens are believed to be the next big thing in the digital world and have finally made their way into the luxury assets industry.
Iconic Ferrari F40 Sold For $2.5M
On July 20, 2023, the first luxury car sold as a non-fungible token for $2.5 million. This sale was made through Altr, a company that aspires to become a hub for buying and selling luxury items authenticated on the Polygon blockchain with NFTs.
The $2.5 Million Dollar @0xPolygon NFT
A Thread…🧵 pic.twitter.com/7rQTcEN414
— Rainy Reece ☔️ (@rainyreece_) July 20, 2023
The luxury asset marketplace “Altr” has introduced “fractionalized” ownership that entitles collectors to a piece, essentially a share of a luxury item. People who own a fraction of an item receive an NFT, showing their ownership of the item.
Altr issues a digital proof of ownership in the form of an NFT minted on the Polygon blockchain but also promises to take care of the physical asset until the new owner decides to claim their item. Ferrari F40 has not only been fractionalized but also tokenized as NFT.
The Ferrari F40 sale marks one of the breakthrough use cases for non-fungible tokens and their future. Purchasing a luxurious asset like a Ferrari F40 as an NFT is a huge milestone in the crypto industry. Altr allows crypto users to hold the ownership of the assets with the NFT while the marketplace holds the physical asset. Holders can collect the car at any time.
More Luxury Assets Sell As NFTs
Ferrari F40 is not the first luxury asset to sell as an NFT. Last year, Roofstock, a digital real estate platform, sold a single-family home in South Carolina for $175,000 via its NFT marketplace built on Origin Protocol. The sale was settled using the USDC stablecoin.
In 2021, a physical Elon Musk-signed Tesla Model X luxury toy car was minted as a non-fungible token and put up for auction on OpenSea. Unfortunately, the auction was unsuccessful, leaving some car fans wondering whether NFTs get into the automotive market someday. Ferrari F40 trading as an NFT confirms that the vision has turned out to be real.
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