Auction company Barrett-Jackson has announced it will sell the first collector car NFTs (non-fungible tokens) at its Las Vegas event.
It means bidders will be able to purchase a unique digital package, commemorating the previous sale of a special car.
The first four cars to have NFTs auctioned are all unique models, sold at the Barrett-Jackson Scottsdale event in March 2021.
Just what is a non-fungible token?
NFTs have become hot property in 2021, being used to sell everything from artwork to music, and even tweets.
An NFT is described as a unit of data, stored on a blockchain register. It identifies a digital item as being unique, and buying an NFT gives you proof of ownership. This digital record of its uniqueness creates the NFT’s value.
Winning one of the Barrett-Jackson NFTs will allow the bidder to store their purchase in an online wallet, giving them a slice of automotive history.
‘Look at this photograph‘
The four cars set to have their NFTs auctioned are ‘VIN 001’ first production examples, previously sold for charity.
Ford fans can bid on NFTs for the 2021 Ford Mustang Mach 1 or 2021 Ford Bronco. Mopar enthusiasts are likely to be drawn to the 2021 Ram 1500 TRX Launch Edition NFT. The 2022 GMC Hummer EV Edition 1 completes the NFT options.
Winning one of the Barrett-Jackson NFT auctions does not gain the highest bidder a new car. Instead, they will take digital ownership of a special commemorative package.
For each car this will mean one exclusive video, three still images, and an illustration of the sale. Two VIP Muscle Lounge tickets for a future Barrett-Jackson event will be included as well.
Getting the block (chain) party started
Barrett-Jackson has collaborated with Motoclub on the non-fungible token project. Motoclub’s digital wallet will offer winning bidders a place to store and trade their NFTs.
With Barrett-Jackson being the first major auction house to trial the sale of collector car NFTs, estimating their value is hard. Will bidders really want to digitally own a set of pictures and videos of a car, which belongs to someone else in real life?
We should have an answer on Saturday, June 19, when the NFTs cross the (digital) auction block in Las Vegas.
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