Lamborghini and Mercedes-Benz are taking the initiative to bring NFTs to the luxury vehicle industry. Covered: Lamborghini NFTs Mercedes-Benz NFTs A Match Made For Each Other NFTs have been dominating the mainstream ever since the asset class took off halfway through 2021. First Visa bought a CryptoPunk, then retailers like Nike and Adidas started locking […] The post Crypto’s Latest Status Symbol: Lambo NFTs appeared first on CryptosRus.

Crypto’s Latest Status Symbol: Lambo NFTs

Lamborghini and Mercedes-Benz are taking the initiative to bring NFTs to the luxury vehicle industry.

Covered:

  • Lamborghini NFTs
  • Mercedes-Benz NFTs
  • A Match Made For Each Other

NFTs have been dominating the mainstream ever since the asset class took off halfway through 2021. First Visa bought a CryptoPunk, then retailers like Nike and Adidas started locking down NFT patents. Facebook announced the company’s name shift to Meta, and all the popular tech companies like Microsoft, Samsung, and others are now following suit. Just when it seemed like the NFT craze couldn’t get any wilder, however, luxury car brands are now stepping into the scene.

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Lamborghini NFTs

Back in November, Lamborghini teased at an upcoming project that got the NFT community talking, but the details were sparse. Today, however, Lamborghini has finally announced the “Lamborghini Space Key,” a space-themed artwork of just five units, created by an anonymous artist with the carbon fiber material launched to the International Space Station (ISS) in 2019. The NFT set will be even more scarce than the Luxury brand’s vehicles. 

The endeavor was developed in cooperation with NFT PRO, a white-label NFT solution for enterprises. While the full details haven’t been discussed regarding the Lamborghini Space Key project, we will reportedly learn the artist’s identity and information about the auction in the coming weeks.

Mercedes-Benz NFTs

Mercedes-Benz also has its eyes on the NFT craze brewing over the past year. The car company has selected five NFT artists to create their own digital interpretations of Mercedes’ G-Class of vehicles.

Mercedes is teaming up with Art2People to create the exclusive NFT collection. Charlotte Taylor, Anthony Authie, Roger Kilimanjaro, Baugasm and Antoni Tudisco are the five artists represented in the contest. Digital art marketplace Nifty Gateway will reportedly launch the NFTs on Sunday.

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A Match Made For Each Other

I think Luxury car brands like Lamborghini or Mercedes-Benz introducing their own NFT lines is a brilliant angle to take from a marketing perspective. If we consider the typical audience of luxury car brands, price points aren’t exactly a priority for this consumer segment. Specifications, engine power, and other technical characteristics may be important to them, however, we know that buying luxury, in general, is less about the object and more about status.

A lot of NFTs in their current form fill that same role — it’s a way for people to flex status. Who would pay six figures for a JPEG of a monkey? Well, not your average joe, but celebrities like Post Malone will happily drop over $700,000 on two NFTs.

And I’m sure there’s a strong market of hypebeasts who will get a kick out of something like this:

Now, to me, this watch is absolutely hideous. I wouldn’t want to be seen wearing one of these around, but that’s mainly because I’m not a hype beast. I do think, however, that this collaboration is genius. You buy a Rolex for the same reason you buy luxury cars —  status. People spend millions on a work of art not because they like the art itself, but because of the person attached to that work — hence why the Mona Lisa is valued at over $860 million as of 2020. NFTs, or digital art, work in the same way: people will pay up to have a JPEG that can be verifiably created by a particular person of interest.

So when I see Lamborghini and Mercedes-Benz hop on the NFT trend, I don’t think it’s a bad play or out of left field by any means. These luxury car brands have already carved out their own respective niches among the wealthy — now it’s time for them to introduce a highly accessible way to buy into the same luxury aura that comes with being a supercar owner.

The post Crypto’s Latest Status Symbol: Lambo NFTs appeared first on CryptosRus.