Let’s say you have a million dollars to spend. If you are crazy about cars, you can buy the newest Ferrari or an Aston Martin from 1956. But would you pay a lot of money for a car you couldn’t drive?
Even though it might seem strange, Vanarama research shows that customers are willing to spend a lot of money on non-functional car parts (NFTs). This means they own the digital image of the car, which anyone can see and download, but they will never be able to touch the car.
The report says that people are willing to pay even more for the NFT version than they are for the real car.
Let us consider four ludicrous examples:
A Nissan GT-R
In September, a 3D model of the sports car Nissan GT-R sold at auction for more than $2.3 million. This is ten times the price of the real car, which cost $200,000 to buy.
Video of a Lamborghini blowing up
The price of a new Lamborghini Huracan is more than $200,000. Still, that is less than the crazy $250,000 that a video of one breaking up into pieces sold for.
Shl0ms, the artist who made it, said at the time that it was more of a protest against “crypto culture” than a way to make money.
A DeLorean DMC-12
Fans of the movie “Back to the Future” can buy a “time-traveling” DeLorean for as little as $50,000. On the other hand, the NFT that is the same thing costs $183,000.
The logo of Car Man
That’s just a logo, and it’s only in two dimensions.
Surprisingly, it’s the most expensive NFT that has to do with cars, costing $8,562,450 million right now. You could instead buy an original Aston Martin DB5, which is one of the most sought-after classic cars, for $6.9 million and still have money left over.
If you’re still not sure, here’s a list of all the most (unreasonably) expensive non-financial transfers that involve cars: