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HomeThe Virtual CrunchEventsWorld’s first supercar ownership NFT series is launched in Dubai

World’s first supercar ownership NFT series is launched in Dubai

On Friday, the world’s first supercar ownership NFT series debuted in Dubai, with the first three NFTs selling out in seconds.

The Project Black programme allows 12 NFT purchasers to share ownership and consumption of the nearly impossible-to-find AMG luxury vehicle.

According to Umair Masoom, creator of MContent, the world’s first tokenised content network and the firm behind Project Black, “it’s a means of spreading luxury asset ownership.”

Only a few number of the 700 horsepower Mercedes-AMG GT Black Series are built internationally.

A rendering of one of the 40cmx20cm sculptures by artist Idriss B. Photo: Project Black X Idriss B

With one month of ownership each year, car aficionados who acquire the NFTs will be able to get behind the wheel of an AMG vehicle.

Buyers will also receive a one-of-a-kind 3D NFT model of the automobile, as well as a physical miniature of the car built by Idriss B with unique components dependent on the quantity of NFTs purchased.

Lindsay Lohan and Snoop Dogg are among the artist’s patrons, and he is known for his polygonal-shaped animal sculptures. Each of the 12 customised digital and physical artworks made by the French-Tunisian artist for Project Black is coined for the owners.

Artist Idriss B and Umair Masoom, founder of MContent, at the launch of Project Black in Dubai. Photo: MContent / Project Black

“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,” said Idriss B.

The real-time listing took place in the world’s first AMG Kaffeehaus at Dubai’s City Walk, the first stand-alone store from the performance-car arm of Mercedes-Benz.

The NFTs were listed on OpenSea.io and the first three received initial bids during the live announcement. With a base value set at around 25 Ethereum — the equivalent of $80,000 — bids are being accepted for a total of 12 days, ending on Thursday, May 5.

As well as shared ownership of the car each year, MContent plans to resell the vehicles in a few years’ time, redistributing its value back to its NFT holders directly.

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