Lotus, a British manufacturer of sports vehicles and racing automobiles, has revealed its intention to join the world of non-fungible tokens (NFTs) in the near future.
According to the press announcement, Lotus will collaborate with NFT PRO and Ripple, the latter of which will provide technical assistance for the XRP Ledger.
Lotus Design built the Lotus NFTs in-house as a “tribute to the pioneering spirit of the legendary sports automobile company.” The release marks the automobile manufacturer’s Web3 debut.
Simone Lane, head of Lotus Advanced Performance, said that the business intends to provide “memorable material for a new digital community of Lotus enthusiasts” by cooperating with NFT PRO. Christian Ferri, the chief executive officer of NFT PRO, said that this is “just the beginning” of this relationship.
The debut of the Lotus NFTs on XRPL will enable NFT aficionados and digital collectors to experience the company’s Cars in a new and interesting digital realm, in addition to providing NFT holders with exclusive benefits. Later this month, further information on the NFT project’s release date is anticipated.
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NFTs are popular in the auto industry
Non-fungible tokens, which sprang to prominence due to digital art-based NFT initiatives such as CryptoPunks and Bored Ape Yacht Club (BAYC), have been growing into an increasing number of sectors, including the automotive industry.
Evidently, the vehicle sector has developed a variety of Web3 initiatives, recognizing the potential of NFT technology to reach new consumers and advertise new concepts.
Some corporations, like Lamborghini, even auction NFTs tied with actual automobiles. In reality, a few months ago Lamborghini was selling a vintage Aventador LP 780-4 Ultimate Coupé.
We must see if the Lotus NFTs are effective. However, based on the number of engines revving in the NFT space, we believe they have an equal chance as everyone else.
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Conduct thorough research before you start with NFT trading.