The rise of Non-Fungible Tokens (NFTs) has brought about a new form of digital ownership, where unique digital assets can be created and sold to collectors. With the increasing popularity of NFTs, many industries have started exploring the potential of this new market, and the automotive industry is no exception.
Car manufacturers have started creating NFT collections that showcase their brand, design, and heritage. In this article, we will explore the NFT collections of five major car brands, namely Porsche, Lamborghini, McLaren, Mercedes, and Ferrari, and analyze the impact of car brands in the NFT market.
Car Brands and Their NFT Collections
Porsche was one of the first car manufacturers to venture into the NFT space with their “Fanzone” collection. The collection consists of five unique designs featuring iconic Porsche.
Including the 911 GT2 RS Clubsport, the 917 Concept, and the 919 Hybrid. The NFTs were designed in collaboration with Australian artist Karan Singh and were sold on the NFT platform, SuperRare.
The Fanzone NFT collection was well received by Porsche fans, and all five NFTs were sold out within minutes of their release. The highest-selling NFT was the 911 GT2 RS Clubsport, sold for 35 ETH, equivalent to approximately $65,000 at the time. Porsche NFTs were minted in January 2023 and had been trading on opensea, LooksRare. With its floor price at $3,563, there was a market sale of 87.94 ETH in the last 24hrs. Currently, a total of 2363 NFTs have been issued, held by 1473 different owners, and have a market value of $8,420,712.
Lamborghini created their first NFT collection, “Lamborghini: The Legend,” in collaboration with the digital art platform, Bitstamps. The collection consists of 20 NFTs representing iconic Lamborghini models, from the Miura to the Aventador SVJ.
Veteran artist Karol Borkowski designed the 3D animated NFTs that showcases the car’s design, sound, and movement. Each NFT also comes with a physical 1:18 scale model of the car, signed by Lamborghini’s chairman and CEO, Stefano Domenicali.
The NFT collection is exclusively accessible using a rare “Space Key.” These unique keys are carbon-fiber composites sent to the International Space Station by Lamborghini for research purposes in 2019 and will provide access to five limited-edition art pieces.
Car manufacturers are aware of their target audience and the importance of popular culture references, as evidenced by the inclusion of The Fast and the Furious movie franchise in the NFT market. For instance, an NFT of the Lykan HyperSport, used as a stunt car in Fast n’ Furious 7 to fly between skyscrapers in Abu Dhabi, was sold on the RubiX network along with the car itself last May. The collection was minted on August 8, 2022, with the first series of NFTs priced at $196.30 each. Presently, the fourth edition of NFTs is trading at $1,963.
McLaren released their first NFT collection, “Artura: The First Drop,” in collaboration with the NFT platform Nifty Gateway. The collection consists of ten unique NFTs representing the new McLaren Artura hybrid supercar.
Digital artist Charlie Nghiem designed feature 3D animations of the Artura and exclusive soundscapes and music. The collection was auctioned on Nifty Gateway, and all ten NFTs sold out within seconds.
The highest-selling NFT in the Artura collection was the “Ultimate Drop,” sold for 74.4 ETH, equivalent to approximately $200,000 at the time.
McLaren Automotive is making strides in its metaverse strategy with the launch of its exclusive digital community, MSO LAB, in partnership with Infinite Worlds. MSO LAB is the go-to hub for McLaren’s bespoke division, McLaren Special Operations (MSO), to provide an exciting, new way for fans to connect with the brand. Maclaren made its announcement into the metaverse on April 28, 2022, with a floor price of 0.1349eth, approximately $224, and it is currently trading on Opensea.
Mercedes created their first NFT collection, “The Silver Arrows,” in collaboration with the NFT platform, Super Rare. The collection consists of ten unique NFTs representing historic Mercedes racing cars, from the W196 to the 300 SLR.
The NFTs were designed by artist Tim Layzell and feature 2D animations that showcase the car’s racing history and design. The collection auction occurred in Super Rare itself, and all ten NFTs were sold out within hours.
The highest-selling NFT in the Silver Arrows collection was the W196, sold for 65 ETH, equivalent to approximately $128,000 at the time. Mercedes-Benz is one of the leading automobile manufacturers in the NFT space, having commissioned a collection from five prominent NFT artists: Charlotte Taylor, Anthony Authié, Roger Kilimanjaro, Baugasm, and Antoni Tudisco.
The NFT collection was inspired by Mercedes’ G-Class line of vehicles, showcasing the unique features of the cars in a digital form. In addition to its proactive approach to NFTs, Mercedes partnered with blockchain startup Circulor to track cobalt emissions in its supply chain, highlighting its commitment to sustainability and innovation. Mercedes announced the creation of its NFT collection honoring its historic G-Class series to mark its entry into the NFT market, On January 23, 2022. The price of each NFT ranges from $222 to $1,554.
Ferrari launched their first NFT collection, called “Ferrari stars,” in collaboration with the NFT platform Curio. The collection consists of three NFTs representing iconic Ferrari models, from the 288 GTO to the F40.
The 3D NFTs were designed by digital artist Marc Quinn and showcase the car’s design and performance. The collection was sold through an auction on Curio, and all three NFTs sold out within minutes. Sports car manufacturer Ferrari has entered the world of digital collectibles through its partnership with blockchain company Velas. The two companies aim to enhance the use of non-fungible tokens (NFTs) in the sports industry.
Velas is developing an NFT marketplace for Ferrari, which will also involve Ferrari’s racing division, Scuderia Ferrari, and the Formula One team. Ferrari NFTs were launched in March 2022 and are currently trading on the vela blockchain for 152 ETH, which is around $250,000.
The Impact of Car Brands in the NFT Market
The entry of car brands into the NFT market has significant implications for the NFT space and the automotive industry. Car brands have a large and dedicated fan base, and NFTs provide a new and innovative way to engage with their customers and promote their brand.
According to the given data, the NFT and metaverse in Automotive Market are expected to have strong revenue growth with a CAGR of 40.50% from 2022 to 2028, despite a slight decrease in revenue from 2021 to 2028. Asia Pacific is projected to be the fastest-growing region in this market, while North America is the most prominent region as of 2021.
The NFT market is expected to grow to $240 billion by the decade’s end, and many automobile manufacturers are taking advantage of this trend by entering the space. Some of the major brands involved in creating unique NFT collectibles, often bundled with car purchases, include luxury and sports car makers such as Lamborghini and Mercedes-Benz, as well as established auction houses like Barrett-Jackson and British automaker MG Motors.
One of the potential benefits for car brands is the ability to create unique digital assets that reflect their brand’s identity and heritage. Another advantage for car brands is the potential revenue stream that NFTs can provide.
However, there are also some challenges that car brands need to consider when entering the NFT market. One of the challenges is ensuring the authenticity and uniqueness of their NFTs. Car manufacturers must ensure that their NFTs are unique and cannot be replicated.
Another challenge for car manufacturers is ensuring that their NFT collections align with their brand’s identity and values. NFTs that do not align with a brand’s identity can be seen as inauthentic and may not resonate with their fans.
Future of Car Brands and NFTs
The future of car brands and NFTs looks promising, and we can expect to see more car manufacturers creating NFT collections in the coming years. One potential trend we see is the use of NFTs to promote sustainability and innovation in the automotive industry. Car manufacturers can use NFTs to showcase their efforts in reducing carbon emissions and creating sustainable vehicles.
Another potential trend is using NFTs to provide exclusive access to events and experiences. Car manufacturers can create NFTs that provides access to exclusive events, such as car launches or test drives, which can help increase fans’ engagement and loyalty.
We can also expect more collaborations between car manufacturers and artists to create unique and compelling NFT collections.
In conclusion, car brands entering the NFT market is a sign of this new market’s growing popularity and potential. The NFT collections of Porsche, Lamborghini, McLaren, Mercedes, and Ferrari showcase the potential of NFTs as a new canvas for showcasing automotive design and heritage. While there are challenges to consider, the future of car brands and NFTs looks promising, and we can expect to see more car manufacturers creating NFT collections in the future.