German luxury automobile manufacturer enters NFT market

Porsche, a German luxury automobile manufacturer, has indicated that after announcing a future NFT initiative that will feature 7,500 customized tokenized vehicles, it will be dramatically stepping up its Web3 activities.

Porsche said on Nov. 29 that the NFTs will go on sale in January and would allow owners to alter numerous elements of the cars' performance and look.

Patrick Vogel, a designer, and 3D artist is creating the actual NFT art, with each piece centered around the renowned Porsche 911 model.

Notably, these virtual objects will be created in Unreal Engine 5, which indicates that game integrations are in the works.

On November 30, the business provided a sneak preview of the project during the Art Basel convention in Miami. The company stated that owners will be able to utilize the vehicles in the "virtual world," which is most likely a form of Metaverse, though no specifics have been provided.

In a broader sense, Porsche hinted that it intended to greatly increase its exposure to Web3 going forward, saying that:

"Digital artwork is only one component of Porsche's Web3 approach. The producer of sports cars is working to incorporate blockchain technology's promise into current and future procedures and solutions."

Porsche previously participated in the launch of NFT collectibles with a soccer theme in June 2021 as part of a project called Fanzone, but it now seems to be taking the tokenization of its vehicles more seriously.