A Look into the World of Automotive NFTs

Remember the days of Need for Speed Underground? Racing home to browse through your latest car collection. Spending hours endlessly updating your Volkswagen Golf GTI, making sure its just the way you want it. These days, you’ve probably moved on to Forza Horizon 5. Taking your virtual Lamborghini Aventador for a high-speed competition. The fantasy world of gaming can make your wildest dreams more of a reality. 

But what if you could actually own these vehicles? Move them from platform to platform, keeping them as mementos or just because you love the way they drive. What if they had monetary value? What if there was only a limited number of them and they grew in worth and rarity over time? Not to mention, what if you could sell them for real money?

Well the answer to these questions is materializing before our eyes. 

What are NFTs?

NFTs or Non-Fungible Tokens are non-interchangeable units of data stored on a blockchain that can be bought, sold or traded. In layman’s terms, it’s a digital representation of a real life object that holds real value. Many household brands have begun to see these NFT’s as an opportunity to diversify their portfolio and make further profits. Examples of these are Marvel’s action figures and comics, Nike’s NTFKT shoes, or artists like Beeple who are finally able to sell their digital art. However, many of these NFT’s are not solely created for the purpose of ownership or collection as is the case with digital art. Many are made with the purpose of being used on what is known as the metaverse; a digital parallel universe where you can have a “parallel life”.

How NFTs are changing the automotive world

This once far-fetched idea has slowly become a reality through the advancement of simulation and video game technology, allowing humans to immerse themselves in a different reality. This metaverse will allow NFTs to be used in an artificial physical way, adding further value to its owner. And this is true for cars as well.

We are now seeing car companies like Ferrari, Lamborghini, Nissan, and Alfa Romeo create their own NFT models along with unique metaverses. In turn this is allowing car enthusiasts to start fantasizing about a world with two garages, one physical and one digital. 

Altogether, the metaverse may be the perfect place for car enthusiasts to test out their dream cars. More specifically, on roads built for maximum speed and performance, international competition, and without fear of death or injury. That is what the digital world offers all types of modern car enthusiasts. 

Predictions for the future

The rise of automotive NFTs is just getting started. If predictions like that of Dieter Zetsche demonstrate anything, it’s clearly a future where companies like Uber, Tesla, Google, and Apple can create self-driving cars operating at a low cost service rather than total ownership of the vehicle. Down the road we may no longer have the luxury of owning the cars we wish in the physical world. Further pushing people and companies right into the digital space. The only place left to drive.