The next time you’re at your local dealership looking at something like a Hyundai Accent for sale, you might be reminded of the news that Hyundai is the first auto manufacturer to enter the NFT market. The first exclusive Metamobility Non-Fungible Token (NFT) went on sale in early May.
The Shooting Star NFT
Hyundai’s first collection of limited edition NFTs, “Hyundai x Meta Kong,” sold out almost immediately after it was released. Hyundai also landed 127,000 members on its NFT-specific Discord channel and another 86,000 members on Twitter. This is just the start of Hyundai’s NFT community, which seems to be taking off at a shooting star pace.
On May 9th, Hyundai released 10,000 official Ethereum-based “Shoot Star” NFTs on its NFT website. The first people able to buy these NFTs were winners of an NFT community event. These whitelist buyers get the first crack at these unique NFTs. The general public could start buying the Shooting Stars on May 10th.
To keep the purchase exciting and fun, Hyundai is using a mysterious reveal method. Buyers will start with just owning a placeholder image before the actual NFT image is revealed at a later time. This should be a fun way for NFT owners to enjoy their purchases.
Hyundai’s goal is to expand its brand into the Metamobility universe by creating engaging opportunities for members of the community. There are plenty of plans to release more NFTs in the future, especially if users continue to buy out NFT releases right away.
The Future of NFTs in the Automotive Industry
Hyundai may be the first brand to create a full NFT community for their brand, but they don’t stand alone. Many other auto manufacturers are starting to get into the game as well. There are NFTs available from popular brands like Ferrari, Porsche, and Lamborghini.
More importantly, NFTs are on pace to change the way people own cars. Many argue that car titles would be best centralized on the cloud with the blockchain. That means you could buy a new Hyundai Accent for sale. Instead of getting a paper title or etitle, your title information would be part of an NFT. This smart contract would follow the car around from owner to owner. In a way, you wouldn’t shop for a Hyundai Accent for sale; you would buy an NFT that holds the ownership of that car.
The use of NFTs and the blockchain could go even further. The day might come when all records of your vehicle, including maintenance, accident reports, recalls, insurance claims, and more, are stored on the cloud. That would mean details about your car would be stored and tracked in a safe, online location.
While we’re not quite at the point where NFTs show ownership of a vehicle, it’s only a matter of time. Until then, Hyundai’s jump into creating an NFT community is a step in the right direction.
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