NFTs entered the automobile industry a while and are becoming more mainstream by the day.
The world’s first supercar ownership NFT series called The Project Black program was recently launched which will let the NFT owners drive and share the $ 350,000 Mercedes-AMG GT Black Series. The ownership of the impossible to find Mercedes-AMG will be shared across the 12 NFT owners and each of them will have a month to drive and enjoy the luxury car. The UAE-based company named MContent initiated the supercar ownership NFT series and claimed that the world’s first tokenized content ecosystem will be a groundbreaking format in the NFT world. The specifics of the Project Black program is detailed below.
Becoming The World’s First NFT Supercar
The first supercar ownership of non-fungible tokens or NFT in the world known as The Project Black program was finally launched in Dubai last April 22, 2022. The said NFT is hot selling that the first three NFTs were sold within minutes after the launch. The buyers of the NFT will be receiving some digital as well as physical artworks made by the NFT artist Idriss B. The buyers will also be able to enjoy owning and driving the Mercedes – AMG GT Black Series for a month. The NFT launch was organized by the web3 and cryptocurrency company MContent which partnered with prominent artist Idriss B. Idriss B is well known to have been affiliated with numerous famous celebrities including Lindsey Lohan, Akon and Snopp Dogg. According to Idriss B, when the company approached him about the idea, he was totally into the concept and already had thousands of ideas knowing that the NFT element will be pushing some boundaries and will be giving endless possibilities of creativity.
This kind of unique NFT will have a lot of utilities such as being able to drive, own and experience the car for each month of the year which is accompanied by a unique 3D NFT model of the Mercedes – AMG GT Black Series and an endearing actual physical miniature of the car model with some unique elements which are based on the number of the NFT released. They have created about twelve of a kind bespoke digital as well as physical artworks which will be given to the NFT buyers which symbolizes the months in a year and were minted for each owner.
Introduction Of NFT In The Automotive Industry
The said NFT will entail a shared ownership of the car and after some years, MContent plans to resell the car and then redistribute the proceeds of selling back to the NFT holders. The auction for this NFT will run for about 12 days. The actual base price for each NFT is roughly estimated to be about 25 ethereum which converts to around $ 80,000. The Project Black program only allows 12 buyers of their NFT and these purchasers will be sharing the ownership and consumption of the rare supercar AMG luxury vehicle. The creator of MContent, Umair Masoom, added that the world’s first token based content network Project Black will be a means of sharing and spreading the luxury asset ownership with only a few members enjoying this privilege.
Aside from the common ownership of Mercedes – AMG GT Black Series, they are planning to donate a portion of the NFT sales earnings to the Rashid Center for People of Determination to help fund the charity’s CSR framework. During the launch of the Automotive Industry based NFT, the event also showcased some digital tutorials from popular auto-influencers such as Arab GT and Super Car Blondie.
Project Black’s Scalability And Expansion
MContent owner and founder, Umair Masoom, believes that Project Black is designed to bring a scalable and creative fix in order to solve the demand, supply, affordability and funding gaps which already exist across the different industries across the world. Masoom believes that their breakthrough NFT format named Project Black will be the starting point of selling distinctive experiences shared across numerous consumers rather than each of them owning the said goods which eventually scarce the availability of the goods. Their initiative will be creating a global trend which is distributing the ownership of the luxury asset for different luxury brands.
Project Black started as an ecosystem with the world’s first blockchain based content and after the launch, they will be launching the world’s first decentralized content streaming platform called Watch2Earn which will then be followed by another launch called Cineverse which is the Cinema for the Metaverse and will be expanded to several locations. Artist Idriss B added that he is happy and excited to be part of this first initiative on the Automotive industry which he thinks is not only a great concept, but being a part owner of the car is like owning a piece of art.
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Sources: Curly Tales, Luxury Launches, Moon Stats
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