TOKEN GESTURE?
WHEN auction house Lloyds sold a GTHO Phase III Falcon for $1.3 million plus buyer’s premium in September, they also sold a non-fungible token (NFT) replica of the same car. Like Bitcoin, the NFT uses blockchain technology. The first of 52 virtual Phase III NFTS to be auctioned, it netted a huge $51,000 (plus BP). While the intrinsic value of blockchain items like NFTS remains up for debate, this GTHO rendering did come with some very real benefits – free buyer’s premiums on any Lloyds purchase for 24 months, plus 10 per cent of every future sale of the NFT through Lloyds. Here’s what our Facebook family thought about this unusual sale.
Nat Hails – Something, something money laundering.
Gavin Mcinnes – $1.3 million for the actual car is ridiculous enough. But this takes it to a new level of crazy.
The Render Garage – It’s not even a good 3D render or model!
D Gavin Mckenzie – Is it April again? Have I missed something?
Boris Viskovic – Does that say ‘350-GT’?
David King – It’s not misprinted – it’s trying to avoid Ford, which most likely owns ‘GT 351’.
Phil Muffet – I saw that and couldn’t help but wonder: was this a Falcon 500 NFT that’s been restored as a Phase 3 NFT?
David Mcmahon – Time will tell. We all laughed at Bitcoin when it came out. And the 350 misprint could up the price on this in the long run as the next generation comes out with the correct 351. Some of the most expensive banknotes and coins are mistakes. Not my sort of thing, but too early to dismiss.
Trevor Durston – The world is changing – sometimes not in a good way!
Frank Guildea – Some Boomer is going to wake up today with a massive hangover wondering when his new car is going to be dropped off.
Alex Hearse – So it was probably the same buyer as the real car and they just saved themselves a huge price on the buyer’s premium of that and any future cars they buy. Sounds like a stupid buy to those with an average number of brain cells though. Pretty disappointed that they don’t even have the trim and black-out below the doors!
Mark Smith – I have some GT exhaust fumes in a jar. Got to be worth $10K.
Josh Andrei – It is based on the same technology as Bitcoin, so you are buying a virtual purchase. I agree, crazy world we are living in. But everyone laughed at digital currencies five years ago; now look at it. Unfortunately this is the future.
Darren Chircop – Never seen an HO with a vinyl roof before, mate.
Raymond Stafferton – Then you should have a look at the real one that just sold for $1.3 million from the same auction group.
James Stuart – If I can’t physically ‘touch it’ it’s not real. Cash please – not Bitcoin.
Darren Mcmahon – If people actually read the article it does actually make sense to have the NFT if you have the money and can see the value in future sales. Yes most NFTS are stupid, but this does actually have some value. I’m a fan of the concept.
Nathan Mcivor – No buyer’s premiums for 12 months could work out interesting if they bought the actual car – might get a discount.
Max Pee – So, $51K buys you a twoyear discount and they will throw in this electronic copy of a car?
Paul Kelf – How long is the warranty and do I need to get it serviced?