A batch of classic car NFTs has sold for $1.9 million. The fleet, which includes such icons as a 1967 Toyota 2000GT, Series 1 Jaguar E-Type, Shelby Cobra 427, and Lamborghini Miura P400S, was the first-ever sale of classic cars represented in the digital format. The auction house that facilitated the sale deemed it “the future of collecting fine automobiles.”
For those not up to speed on NFTs, or non-fungible tokens, they are essentially digital representations of real-world things. Each NFT is unique, and its proper owners are recorded on a blockchain. They have also been used to create and sell digital art, music, and gifs of NBA videos. So now, whomever owns the 2000GT NFT has the exclusive rights to sell it, display it, or brag about it to other NFT collectors.
Recently, a NFT of LeBron James dunking a basketball sold for $208,000, the NFT of the first tweet sold for $2.9 million, and a work of NFT digital art called Everydays: the First 5000 Days sold for $69 million. While the $1.9 million sale of the classics fleet is still short of what those cars would be worth in real life, values of physical cars and the digital representation of those cars are quickly approaching parity.
Until now, most automotive NFTs have represented the most expensive cars you can buy today, like the Bentley Mulliner Bacalar, Lamborghini Sián FKP 37, and Koenigsegg Jesko. In an ironic turn of events, the NFT for the Bugatti Chiron traded last month for $3.8 million, exceeding the price of the actual supercar.
“It’s better than owning the real thing,” said the Chiron NFT owner. “You don’t have to wash it, maintain it, or fix it.” The unidentified 24-year-old currently wishes to remain anonymous, but says he will reveal the purchase on his YouTube channel soon.
The winning bidder of the classics seemed to agree, saying, “An NFT doesn’t require any garage space, and let’s be honest, I was never going to drive any of these cars in the first place, even if I owned the real thing.”
“Plus, in eight months I can flip them for twice what I paid,” he added. When asked whether this attitude was good for the car community overall, he replied, “How is it different from anything happening on Bring a Trailer right now?”
At least one enterprising owner plans to convert a real car that he owns in to an NFT. The owner says they will take a page from the group that burned a piece of actual art, recorded it, and then sold the NFT of the burning video for nearly four times the original price of the work itself. The copycat car owner has remained anonymous and hasn’t yet revealed what priceless classic car they plan to destroy, only that it’s “all original and super rare.”
The world of NFTs certainly is interesting.