CarForCoin, a marketplace where people can buy exotic cars with crypto or cash, has entered the non-fungible (NFT) token market with an exciting proposition — win an NFT auction and you receive an actual car.
The founder, Tom Hegedosh, has been following the rise of NFTs in recent years and has decided to turn a series of cars that are for sale into animated NFTs.
The NFTs are sold in auctions on the company’s website and prices are listed in dollars and Bitcoin. The starting bid depends on the model of the car, and winners receive the digital asset, the actual car, and a QR code that can be attached to the vehicle and displays the NFT when scanned. The QR code serves as proof of ownership.
Some of the cars currently up for auction as NFTs on CarForCoin include a 2018 McLaren 720S Coupe, a 2015 Porsche 911 GT3, and a 2015 Porsche 911 Turbo S.
The CarForCoin NFT collection can be viewed on OpenSea, the largest secondary NFT marketplace. It also appears that you can purchase 5 percent equity in the company through NFTs being sold on OpenSea.
Buyers who are interested in purchasing a car should still contact CarForCoin to request the most recent information about the vehicle and confirm that the NFTs linked are still for sale.
NFTs Continue to Revolutionize Ownership
CarForCoin isn’t the only company pairing digital assets with physical products. In Miami, a “MetaResidence” is being built in the metaverse Decentraland that mirrors a real-world mansion in an upscale Miami neighborhood. Whoever wins the auction will receive both the virtual home and the real-world home.
Furthermore, several artists and generative NFT projects reward people who purchase digital assets from their collections with actual physical artwork or products. Recently, four major Italian museums launched an NFT collection that sets digital art replicas of famous Italian artworks within a physical replica of the original frames.
Although it can all sound strange to the uninitiated, crypto and NFT fans have been discussing the implications of NFTs, blockchain technology, and smart contracts for years. It now seems like some of their ideas are starting to be realized.
Since non-fungible tokens can authenticate nearly any physical object and store them on blockchain ledgers — hypothetically forever — this can be applied to all sorts of important documents. In the case of CarForCoin, we’re now seeing what NFTs can do for car ownership.