Luxury car manufacturer Porsche has become the auto industry’s latest tapping into the nonfungible token (NFT) world. On November 29th, Porsche revealed plans to release its first NFT collection as it dabbles into the Web3. Beyond NFTs, the automaker also nurtures plans to cement the brand’s repositioning in the digital world.
Porsche plans a 7,500-piece NFT in January
Porsche planned to release 7,500 unique NFTs centered around the classic Porsche 911 beginning January 2023. According to the announcement, the collection is being designed in collaboration with a Hamburg-based designer and 3D artist, Patrick Vogel. Porsche said the buyers will gain exclusive experiences of the company’s journey into the Web3, metaverse, and real world.
The automaker views the launching of its NFT collections as the first big step to repositioning for the emerging digital world. “The NFT artworks enable us to take our understanding of modern luxury and the unique brand positioning of Porsche into the digital world,” said Detlev von Platen, a Porsche executive.
After purchase, Porsche said the collectors will be opportune to influence the design of the individual NFTs by choosing the Performance, Heritage, and Lifestyle routes for their digital collectibles. Based on the buyers’ choice, the 3D artist will recreate the NFT in Unreal Engine 5 for an immersive experience.
NFTs are just one of Porsche’s Web3 strategies
Besides NFTs, Porsche plans to harness blockchain, the technology behind cryptocurrency applications, into its existing and future solutions. Precisely, the automaking is eyeing integrating blockchain technology into its supply chain and purchasing experience, with support from its subsidiaries, including Porsche Digital and MHP.
“This project is an additional element of our digitalisation strategy. We’ve made our commitment for the long haul and our Web3 team has the autonomy to develop innovations in this dimension as well. Innovation management at Porsche also sees potential in the purchasing experience, the metaverse, and the supply chain. Vehicle and sustainability issues are also being considered,” Porsche exec Lutz Meschke, said.
Mercedes another automaker got involved with NFTs this year. In April, the Mercedes F1 team announced plans to launch an NFT collection in collaboration FTX.US, the United States arm of FTX, which went bankrupt earlier this month. Outside the auto industry, NFT trends are also prevalent in sports.