World’s first supercar ownership NFT launched in Dubai

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The world’s first supercar ownership non-fungible tokens (NFT) series launched in Dubai on Friday, with the first three NFTs selling within minutes.

Buyers purchasing the NFT, received digital and physical artworks by NFT artist Idriss B and a month of owning and driving a Mercedes - AMG GT Black Series.

Organised by MContent, the company tied up with well-known artist Idriss B whose high-profile clients include Akon, Lindsey Lohan and Snoop Dogg. MContent is a web3 and cryptocurrency brand.

Creating a total of 12 one-of-a-kind bespoke digital and physical artworks to be given to the NFT buyers each reflecting a month in a year and minted for each owner.

This unique NFT has many utilities, from owning, driving, and experiencing the car for a month every year to owning the unique 3D NFT model of the car and an actual physical miniature of the car with unique elements based on the number of the NFT.

As well as shared ownership, after a few years MContent will resell the car and redistribute the value back to its NFT holders directly. MContent has also announced that a fixed amount out of the NFT sales proceeds will be donated to the Rashid Center for People of Determination as a part of its CSR framework.A

The launch event also showcased digital tutorials from popular auto-influencers Super Car Blondie and Arab GT. It also included the reveal of a game-changing NFT collection called ‘Project Black’.

Mercedes-AMG GT Black Series shared ownership to 12 NFT buyers. The sports car is a unique masterpiece of German engineering including over 700 horsepower and a handmade engine. According to car enthusiasts, the model has overwhelming demand within the industry.

Project Black was hosted in the world’s first AMG Kaffeehaus, in Al Wasl DUBIA, where the listing of the NFTs on Opensea.io was announced in real-time and the first three NFTs already received their first bids during the live announcement ceremony.

The initial base value of each NFT is set around 25 Ethereum or the equivalent to USD 80,000 and the Open Sea bidding lasts for a total of 12 days.

Umair Masoom, MContent Founder and CEO said, “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,” he said.

NFT Artist Idriss B said, “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.”

He added, “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 CEO of Arts Dao, a leading global community of NFT Artists, collectors, and enthusiasts 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.”