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Wednesday, February 8, 2023

Crypto Fans Pay More For NFT Cars Than Real Ones

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Suppose you had millions of dollars to spend. If you’re a car enthusiast, you might want to buy the latest Ferrari or a 1956 Aston Martin. But would you spend an exorbitant amount for a car that you cannot physically drive?

It may sound illogical, but research by Vanarama shows that people dig deep into their pockets to buy auto-related NFTs. This means they own the digital representation of the cars (although anyone can view and download it), but they will never be able to put a hand on the vehicle.

In fact, according to the research, buyers are willing to pay even more for the NFT version than for the actual car.

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Let’s look at four ridiculous examples:

1. A Nissan GT-R

In September, a 3D rendering of the Nissan GT-R sports car was auctioned for more than $2.3 million – ten times the price of the actual car with a $200,000 price tag.

Nissan GTR NFT