The first supercar ownership non-fungible tokens (NFT) series in the world was launched in Dubai on April 22. Interestingly, the first three NFTs sold within minutes. During the unveiling ceremony, buyers purchasing the NFT got physical and digital artworks by Idriss B coupled with a month of owning and driving a Mercedes – AMG GT Black Series.
This event was organized by MContent, the firm linked with well-known artist Idriss B whose high-profile clients include Lindsey Lohan, Akon, and Snoop Dogg. MContent is a web3 and crypto brand. They created a total of 12 unique bespoke physical and digital artworks to be given to the NFT buyers with each of them representing a month in a year and minted for every owner.
The distinct NFT has many utilities, ranging from driving, owning, and experiencing the car for a month annually to owning the unique 3D NFT model of the car and a real physical miniature of the car with some unique elements based on the number of the NFT.
There is also shared ownership, after a few years MContent will resell the car and then redistribute the value back to its NFT holders automatically. MContent has also said that a fixed amount of the NFT sales profits will be sent to the Rashid Center for People of Determination as donations to pay for its CSR framework.
Notably, the launch event also showcased several digital tutorials from popular auto-influencers Arab GT and Super Car Blondie. It also featured the reveal of a game-changing NFT collection known as ‘Project Black.’
Mercedes-AMG GT Black Series confirmed that it shared ownership with the 12 NFT buyers. This sports car is a unique masterpiece from German engineering efforts. It comes with 700 horsepower and a handmade engine. Based on statements by car enthusiasts, this model has overwhelming demand within the sector.
Project Black was hosted in the world’s first AMG Kaffeehaus, in Al Wasl DUBIA. At the same event, the listing of the nonfungible tokens on Opensea.io was confirmed in real-time and the first three NFTs already got their first bids in the live announcement ceremony.
MContent Brings NFT To The Auto Industry
The original base value of every NFT is set around 25 Ethereum, which translates to US$80,000 and the OpenSea bidding will last for up to 12 days. MContent Founder and CEO, Umair Masoom, stated:
“The Web3 is designed to bring scalable and creative solutions to solve the supply, demand, affordability, and funding gaps that exist across different industries around the world. Our breakthrough NFT format called Project Black is a starting point for selling product experiences to more consumers than the available inventory. This will initiate a global trend of distributed luxury asset ownership for different brands and segments.”
“Our innovation started with the world’s first blockchain-based content funding ecosystem after which we launched the world’s first decentralized Watch2Earn content streaming platform followed by the world’s first Cineverse – our Cinema for the Metaverse and expanded this to several iconic locations.”
NFT Artist Idriss B explained:
“I am super proud of being part of this first amazing first of its kind across NFT. Not only is the concept great but the car itself is a piece of art. The fact that it is ferocious, powerful and rare inspired me to sublimise it in the best way.”
“When MContent came to me, I was totally into the concept and had thousands of ideas immediately, knowing the NFT element pushes boundaries and gives me endless possibilities creatively, I also wanted to represent the car and bring real value to the NFT holders.”
Anas Bhurtun is the CEO of Arts DAO, a major global community of NFT Artists, enthusiasts, and collectors. He said:
“Utility in the NFT space is fast becoming the most valuable pillar for any project, with “Project Black” utility at the forefront, allowing luxury car enthusiasts to get behind the wheel of an AMG car they might not have had the chance to drive otherwise.”