Porsche to auction design sketch as non-fungible token (NFT) in crypto art market pilot project – paultan.org

Porsche to auction design sketch as non-fungible token (NFT) in crypto art market pilot project – paultan.org

08/06/2021

Have you heard of NFTs? Non-fungible tokens are assets in digital form, designed to show that someone has ownership of a virtual item that is unique and cannot be copied. Like an original art piece but crypto, examples of NFTs include pictures and videos or trading cards.

Blockchain-based NFTs are a new thing, and perhaps the most famous piece so far was Twitter CEO Jack Dorsey’s first tweet, posted up by himself on March 21, 2006. That tweet, which says “just setting up my twttr” sold for US$2.9 million (RM12.2 million) in March. The winning bid was from one Sina Estavi, CEO of Malaysia-registered company Bridge Oracle. Yup, Google it.

Anyway, Porsche Germany is now trying its hand in NFTs. The maker of the 911 will auction an exclusive design sketch by Peter Varga, its director of exterior design, via the US platform SuperRare. The special feature of the unique drawing is that it will be offered as both a digital and physical asset.

Porsche says that total proceeds will be donated to the non-profit organisation Viva con Agua, which focuses on providing access to clean drinking water, sanitation and hygiene in places where this is lacking. The German sportscar manufacturer’s first NFT activity is supported by subsidiary Porsche Digital and the recently spun-off technology start-up Fanzone as an NFT platform for digital trading cards.

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“With the NFT initiative, we are once again demonstrating the pioneering spirit typical of Porsche, with which we are always boldly entering new terrain. With NFT, we are addressing existing Porsche customers, who are often passionate collectors, as well as new, younger target groups with a high affinity for digital trends. What is also especially pleasing for me is the fact that the initiative for the project was developed in our internal innovation process and implemented within a few months,” said Alexander Pollich, CEO of Porsche Deutschland.

“Drawing a design sketch which is then traded online as a digital object was a completely new experience for me. The sketch combines the Taycan Cross Turismo with the 911. It links the design language of our iconic sports car with that of the youngest member of the model range. I look forward to seeing the response generated by this unique item among the auction participants,” Varga the artist said.

Porsche is collaborating with Fanzone on this project. The company builder Forward31 – a business unit of Porsche Digital GmbH – founded the Berlin startup in June 2021. The young company operates an online platform on which fans can collect and exchange digital player cards as NFT and also profit from their increase in value. Fanzone uses blockchain tech to ensure the rarity and identity of the collector’s items.

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