Porsche is the latest automobile manufacturer to join the non-fungible token (
NFT) art market. The company displays a gallery of digital photographs using the 911 at Art Basel in
Miami,
Florida.
In an official release, Deputy Chairman and Member of the Executive Board for Finance and IT, stated, “This initiative is an extension of our digitalization plan. We’ve made a long-term commitment, and our Web3 team has the freedom to pursue breakthroughs in this area as well. Porsche’s innovation management sees possibilities in the purchase experience, the metaverse, and the supply chain. Vehicle and environmental concerns are also being addressed”.
Prospective consumers will have access to a total of 7,500 distinct digital collections beginning in January 2023. As is customary in the Web3 environment, it is feasible to pre-register on an Allowlist. The number of NFTs that may be purchased is restricted to three per individual.
NFTs worth $100 million stolen in the past year
NFTs worth $100 million stolen in the past year
Theft Alert!
Thieves stole over $100 million worth of NFTs in the year to July, blockchain research firm Elliptic said, as the fast-emerging digital asset became a new front in crypto’s hacking problem.
What are NFTs?
Non-fungible tokens (NFTs) are blockchain-based assets that represent digital files such as images, video or text.
Fall in Value
The market surged in 2021 as crypto-rich speculators spent billions of dollars on the assets, hoping to profit as prices rose. But since cryptocurrency prices crashed in May and June this year, NFT prices and sales volumes have plunged.
Scams & Hacks
Scams remain rife in the NFT market even as it declines, with July seeing the highest number of NFTs reported stolen on record, London-based Elliptic said in a report. Security compromises via social media have surged, accounting for 23% of NFT thefts in 2022, it said.
A large sculpture by Chris Labrooy portraying a big racing car driver playing with a genuine Porsche…
