Ripple & Lotus Cars Team Up for NFT Collection

Credit: Lotus

Lotus, the British automotive company that manufactures sports cars and racing cars, recently announced its plans to enter the world of non-fungible tokens (NFTs) shortly.

According to the press release, Lotus will be collaborating with NFT PRO and Ripple — which is providing tech support on the XRP Ledger for the project.

The Lotus NFTs were created in-house by Lotus Design to pay “tribute to the pioneering spirit of the iconic performance car brand.” The drop marks the car brand’s debut into the Web3 space.

Simone Lane, director of Lotus Advanced Performance, said that by partnering with NFT PRO the company hopes to deliver “memorable content for a new digital community of Lotus fans.” Christian Ferri, the CEO of NFT PRO, added that this is “only the beginning for this collaboration.”

The launch of the Lotus NFTs on XRPL will allow NFT enthusiasts and digital collectors to experience Lotus Cars in a new and exciting digital space, as well as offer unique perks for holders of the NFTs. More news about the drop date for the NFT project is expected later this month.

NFTs Are Hot in the Automobile Industry

Non-fungible tokens, which rose to fame off the back of digital art-based NFT projects like CryptoPunks and Bored Ape Yacht Club (BAYC), have been expanding into more and more industries — one of which is the automobile industry.

Below are some of the most interesting NFT projects and Web3 headlines about automobile companies in recent months:

As you can see, there’s a diversity of Web3 projects coming from the automobile industry, which has no doubt recognized the potential of NFT technology to reach new customers and market new ideas.

Some companies, like Lamborghini, are even auctioning NFTs that are associated with literal vehicles. In fact, a few months ago, Rarity Sniper reported Lamborghini selling a historic Aventador LP 780-4 Ultimate Coupé.

We’ll have to wait and see if the Lotus NFTs are successful. But judging from the number of engines revving in the NFT space, we think they have as good a shot as anyone.