One of the luxury car manufacturers, Lamborghini, has decided to enter the world of cryptocurrency and digital assets. Non-fungible tokens are now a marketplace of their own, with several notable individuals spending a huge fortune buying art collections.
These digital collections are owned by the buyer and can be sold for a large sum in the future. Different car manufacturers have embraced the usage of NFTs and are currently working on ways to increase their profit margins. Recently, Nissan made over $2 million from the sale of NFT.
The collection that Lamborghini will release will be termed “Space-Time Memory.” The non-fungible token collection will be released in February.
Details On The Proposed NFT Collection
From the press release made by the Italian company, the artist that would be in charge of designing the NFTs collection is Fabian Oefner, a Swiss artist. Oefner was chosen for the job because his work is very exceptional.
According to the Swiss artist, he plans to create a relationship between the physical and digital world. The physical components of the car will be transformed into digital assets that people can assess.
Before cars are launched physically, a car model can be made into NFTs. Lamborghini has a massive vision for the NFT market, and this will be revealed as time goes on.
Other Car Manufacturers In The NFT Market
Unfortunately, Lamborghini is not the first car manufacturer to consider the NFT market. In Europe, the first automaker to release NFTs is Alpine, a French company. Some months back, Alpine released its new car model as NFTs.
Apart from Lamborghini, other car manufacturers that have entered the NFT trade market include Nissan Rolls-Royce. Even the electric car company Tesla has indicated interest
Elon Musk, CEO of Tesla, has also made public its intentions of launching products that can be bought using Dogecoin (DOGE). When these products are found, it will increase the usage of the DOGE token and hopefully, the price of the coin might double.
As mentioned earlier, car manufacturer Nissan made about $2 million from the sales of the NFT model, GT-R. This high revenue indicates a great opportunity in the NFT marketplace as resources spent on creating NFTs will not be put to waste.
With more automobile companies entering into the non-fungible token market, there is bound to be competition very soon. This competition will be healthy and lead to more development in the crypto community. This is good news for those still on the side-line.
It will benefit individuals and companies to get in now that the momentum is very high rather than being left behind. NFTs are here to stay and will not be disappearing anytime soon.
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