Car manufacturer Audi will launch a non-fungible token (NFT) collection using the xNFT Protocol. The news was announced on the Chinese platform Weibo and Audi produced a marketing video directed towards Audi’s Chinese market.
Many brands are entering the NFT industry to attract a younger and tech-savvy audience, such as Coca-Cola and Louis Vuitton. The rise in demand for NFT-based projects has led to an increase in digital marketplace offerings dedicated to helping brands launch and promote their NFT collections, such as FTX and Dolphin’s new project.
The platform being used by Audi, xNFT, offers a new ‘blind box’ pricing mechanism for NFTs in addition to conventional ways such as fixed price or auctions. Blind box aims to automate the price-setting process without the seller’s direct input. The price is automatically calculated based on several factors such as transactions for similar NFTs, recent sales of the NFT and information about the issuer.
This is Audi’s first experience in the NFT space. However, the company is backing a startup Holoride, that’s creating an in-vehicle passenger entertainment experience using blockchain and NFTs in its final product. The startup is expected to launch in 2022.
Meanwhile, luxury car brand Porsche has launched an NFT collection through its NFT startup Fanzone. F1 racing teams McLaren Racing and Red Bull Honda have partnered with Tezos to launch NFTs and promote the blockchain through the cars’ logos and NASCAR partnered with a digital horse racing platform to launch horses under its brand in the game.