Check out which automobile manufacturers are venturing into the world of non-fungible tokens through our regularly updated Automobile NFT news.

Automobile NFT News

In light of the growing reputation of non-fungible tokens (NFTs), the General Motors Company (GM), a Detroit-based multinational automotive firm, showed its interest in joining the NFT world.



The well-known American automobile manufacturer filed trademark applications with the United States Patent and Trademark Office (USPTO) on February 16 for its trademarks Chevrolet and Cadillac, Geekmetaverse quoted attorney Mike Kondoudis&#8217;s tweet as saying.



The filing applications showed General Motors&#8217; intention to use its trademarks, Chevrolet and Cadillac, in launching downloadable digital files containing text, audio, and video authenticated by NFTs. These trademark applications allow General Motors to legally possess NFTs for the abovementioned brands.



General Motors&#8217; move represents its first public interest in the NFTs, however, the American company has an earlier experience in blockchain technology and cryptocurrencies as it filed a related-trademark application two years ago in a move to create a “decentralized distributed map” for its vehicles.



In 2021, the carmaker said it considers accepting Bitcoin as a payment method. Earlier, subsidiary Chevrolet joined the NFT world by teaming up with NFT marketplace SuperRare to launch digital collectibles representing its 2023 Chevrolet Corvette Z06. The NFT was set for auction and the winner received a real-life Corvette Z06.



Maybe General Motors was late for entering the NFT world as several auto companies filed trademark applications and others have already released their NFT collections, like luxury carmaker BMW in November, Mercedes Benz in December, Lamborghini, and Porsche.

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GM Shows Interest in Joining NFT Space

Porsche NFT collection doubled from 0.88 Ethereum (<a target="_blank" href="https://cryptoslate.com/coins/ethereum/" rel="noreferrer noopener">ETH</a>) to 1.87 ETH — roughly $3000 — over the last 24 hours, according to Coingecko data.



The German car maker car company decided to stop minting new NFTs on January 25, facing the crypto community backlash for its NFTs’ high mint price and supply.&nbsp;



Porsche planned to sell 7,500 NFTs at a floor price of 0.911 ETH, a matter which draw criticism from the crypto community for the high price of minting, describing its sales strategy as a “cash grab.” This encouraged Porsche to stop minting new tokens, ending with 2,363 tokens created, creating a supply shock and leading to a hike in the prices.&nbsp;



The floor price of tokens, which represented Porsche&#8217;s iconic car, 911, reached 3.3 ETH two days ago, according to data from OpenSea.



The luxury automobile manufacturer said its NFT holders would enjoy certain benefits, which included inside access to Porsche’s team of designers, engineers, and events. Holders would also have a role in Porsche’s web3 future co-creation.



Commenting on the debate which the NFTs caused since their release, a Porsche spokesman told <a href="https://www-coindesk-com.cdn.ampproject.org/c/s/www.coindesk.com/web3/2023/01/25/porsche-nft-floor-price-races-up-following-bumpy-mint/?outputType=amp" target="_blank" rel="noreferrer noopener">CoinDesk</a>: &#8220;We see a lot of interest in the mint from art lovers and Porsche enthusiasts. Many customers from the Web3 community have obviously held back because direct resale seemed unprofitable due to the customization of the NFT. The size of the community is not decisive for us&#8230; What is crucial, is that we can offer the community the most exclusive and individual events and utilities possible.&#8221;



Earlier NFT artists criticized Porsche&#8217;s NFTs, saying companies that enter the Web3 world should act for the long term in terms of releasing NFTs and put their egos aside.&nbsp;

Porsche-NFTs

Porsche NFTs’ Floor Price Hikes Following Halting Minting

German automaker Porsche launched its NFT collection on Monday, which includes 7,500 customizable tokenized vehicles of its iconic 911 sports car.&nbsp;



It was expected that the sales of Porsche NFTs would skyrocket, however, roughly 18%, only 1,345 NFTs, were sold on the first day of their release, as it seemed that the collection failed to gain popularity.&nbsp;



Porsche NFTs&#8217; minting price dropped from 0.911 Ethereum to 0.88 ETH, a few hours after its launch, Crypto Slate quoted data from Opensea as saying. The crypto community criticized the German automobile manufacturer&#8217;s high price of minting, describing its sales strategy as a &#8220;cash grab.&#8221;



NFT artist Pandaone&nbsp;<a target="_blank" href="https://twitter.com/pandaone34/status/1617603087010791429?s=20&amp;t=j0GHnEcSHeoKHbWzfKTVtQ" rel="noreferrer noopener">said</a>: &#8220;[Porsche’s] failure is a good reminder that if web2 giants want to succeed in web3, they must put their egos aside and heed the advice of those who have been working in the space for real. If not, what’s the purpose of getting advisors?&#8221;



Also, NFT artist Dave Krugman told<a href="https://www.coindesk.com/web3/2023/01/23/porsche-nft-collection-fails-to-gain-traction-as-mint-kicks-into-gear/?outputType=amp" target="_blank" rel="noreferrer noopener"> CoinDesk</a> that companies that enter the Web3 world should act for the long term in terms of releasing NFTs.



The NFT collection, designed by designer and 3D artist Patrick Vogel, will consist of 7,500 unique digital collector’s items. Users can register in advance on an Allowlist. Each user can purchase only three NFTs at most, the German manufacturer said in a statement.&nbsp;



The company hinted at the project at the Art Basel conference in Miami on November 30. Porsche’s move comes within a framework of its keenness to strengthen its position as an iconic brand and transfer the immersive appeal of its sports cars to desirable gems in the digital world.



It said in a statement: “Digital art is just one aspect of Porsche’s Web3 strategy. The sports car manufacturer is working to integrate the potential of blockchain technology into existing and future processes and solutions.”&nbsp;

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Only 18% of Porsche NFTs Sold Hours after Release

Rolls-Royce, the British luxury car manufacturer, collaborated with renowned British artist Sacha Jafri to release a set of NFTs, representing the automobile maker&#8217;s latest group of the Six Elements.



Rolls-Royce launched six cars of its legendary model Phantom Series II, each one representing one of the six elements; earth, fire, water, air, and wind, in addition to humanity. Rolls-Royce revealed the ‘The Six Elements’ series at a private ceremony in Dubai, UAE.



In a tweet, Rolls-Royce said: &#8220;The sixth Phantom &#8216;The Six Elements&#8217; motor car, Humanity, references Sacha Jafri&#8217;s best-known work, ‘The Journey of Humanity’. As with all the motor cars in the series, it also features its own unique NFT.&#8221;



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="318" src="https://adminblog.upyo.io/wp-content/uploads/2023/01/Rolls-Royce-1024x318.jpg" alt="" class="wp-image-3412" srcset="https://3.111.63.208/wp-content/uploads/2023/01/Rolls-Royce-1024x318.jpg 1024w, https://3.111.63.208/wp-content/uploads/2023/01/Rolls-Royce-300x93.jpg 300w, https://3.111.63.208/wp-content/uploads/2023/01/Rolls-Royce-768x239.jpg 768w, https://3.111.63.208/wp-content/uploads/2023/01/Rolls-Royce-1536x478.jpg 1536w, https://3.111.63.208/wp-content/uploads/2023/01/Rolls-Royce-2048x637.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The launch of one-of-a-kind cars and NFTs aims to raise $1 million for charities, which focus on humanity-based sectors like education, health, and sustainability.



In this regard, Rolls-Royce Motor Cars Regional Director for the Middle East and Africa Cesar Habib hailed the cooperation with a prestigious and contemporary artist like Jafri that highlights the legacy of the Phantom Gallery. Habib noted: &#8220;Rolls-Royce cars are designed for a few, but we think of everyone. Therefore, the Phantom ‘The Six Elements’ will raise $1 million for charity. In addition, the six unique Phantoms will remain present beyond the charitable donation, thanks to a completely unique NFT initiative.&#8221;



<a href="https://www.geekmetaverse.com/rolls-royce-partners-with-sacha-jafri-to-launch-the-phantom-car-series-nft-collection/" target="_blank" rel="noreferrer noopener">According to Geek Metaverse</a>, 20% of the proceeds will be donated to a charity each time an NFT is exchanged. The six NFTs are linked to each of the six Phantoms, however, their owners can sell them separately if they want. The NFTs are integrated into the Phantoms&#8217; glovebox to make their owners see their NFTs while sitting in their cars.



It is worth mentioning that legendary automobile makers like Lamborghini, Porsche, Mercedes Benz, and Ferrari released collections of digital assets specified for their famous models over the past period. Recently, BMW showed its interest in the web3 world by filing trademark applications for its name and logo for offering metaverse-based services and NFTs.

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Rolls-Royce Teams up with Sacha Jafri to Release Six NFTs for Phantom

German sports luxury car manufacturer Porsche solidifies its presence in the Web 3.0 arena by launching an NFT collection revolving around the famous Porsche 911 model.



The NFT collection, designed by designer and 3D artist Patrick Vogel, will consist of 7,500 unique digital collector’s items. They are set to be available in January 2023. Users can register in advance on an Allowlist. Each user can purchase only three NFTs at most, the German manufacturer said in a statement.&nbsp;



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="577" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/Porsche-NFT-2--1024x577.jpeg" alt="" class="wp-image-2922" srcset="https://3.111.63.208/wp-content/uploads/2022/12/Porsche-NFT-2--1024x577.jpeg 1024w, https://3.111.63.208/wp-content/uploads/2022/12/Porsche-NFT-2--300x169.jpeg 300w, https://3.111.63.208/wp-content/uploads/2022/12/Porsche-NFT-2--768x433.jpeg 768w, https://3.111.63.208/wp-content/uploads/2022/12/Porsche-NFT-2-.jpeg 1440w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The company hinted at the project at the Art Basel conference in Miami on November 30. Porsche&#8217;s move comes within a framework of its keenness to strengthen its position as an iconic brand and transfer the immersive appeal of its sports cars to desirable gems in the digital world.&nbsp;



It said in a statement: &#8220;Digital art is just one aspect of Porsche’s Web3 strategy. The sports car manufacturer is working to integrate the potential of blockchain technology into existing and future processes and solutions. &#8221;&nbsp;



BMW&#8217;s Accession To Metaverse



German sports car manufacturer BMW applied to trademark its logo for a group of WEB 3.0 products and services, United States Patent and Trademark Office&#8217;s licensed trademark attorney Mike Kondoudis was quoted by <a href="https://cointelegraph.com/news/nifty-news-porsche-911-nfts-bmw-files-web3-trademarks-baby-shark-s-nft-game-and-more" target="_blank" rel="noreferrer noopener">Coin Telegraph</a> as saying.&nbsp;



According to the application, BMW intends to use its logo on collectibles like virtual vehicles, clothing, headwear, and footwear, with plans for downloadable virtual goods such as online environments and games.



Fiat Enters The Metaverse



Italian car manufacturer FIAT launched an interactive showroom in the metaverse, called <a href="https://www.fiat.it/fiat/virtual-store" target="_blank" rel="noreferrer noopener">FIAT Metaverse Store</a>. Launched in Italy, the FIAT Metaverse Store has a real FIAT expert – FIAT Product Genius &#8211; ready to answer any question.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="648" src="https://adminblog.upyo.io/wp-content/uploads/2022/12/FIAT-Metaverse-Store-1024x648.png" alt="" class="wp-image-2920" srcset="https://3.111.63.208/wp-content/uploads/2022/12/FIAT-Metaverse-Store-1024x648.png 1024w, https://3.111.63.208/wp-content/uploads/2022/12/FIAT-Metaverse-Store-300x190.png 300w, https://3.111.63.208/wp-content/uploads/2022/12/FIAT-Metaverse-Store-768x486.png 768w, https://3.111.63.208/wp-content/uploads/2022/12/FIAT-Metaverse-Store.png 1170w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Customers inside the metaverse-powered showroom can discover and purchase their dream FIAT from their homes. By 2023, FIAT will add a variety of models in the metaverse store and the store will be launched in other countries.&nbsp;



The FIAT Metaverse Store is user-friendly and simple to use. It has been developed in collaboration with Touchcast and Microsoft and does not require a virtual reality (VR) headset or expensive hardware.

Automobile NFT News

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