A Yellow Glo, Ford GTHO Phase III Falcon has broken a world auction record on Saturday being the first NFT Australian classic car art to sell at auction selling for over $50,000.
The NFT Ford Classic Car artwork was accepting online bids for nearly two weeks prior on the Lloyds Auctions website with bids remaining conservative until auction day.
“We sold all 50 NFT classic cars with each selling for thousands if not tens of thousands of dollars, the bidding was very spirited,” said Mr. Lee Hames, Chief Operating Officer for Lloyds Auctions.
“It seems to me that NFT digital art is certainly being embraced by Aussies, its new but Australians have locked in behind the NFT art space,” Mr. Hames continued.
“Many of the bidders were a mixture of millennials who understand and embrace NFT technology but are not so sure about the cars, and then there were also classic car enthusiasts that embrace the cars but are unsure about the NFT technology,” Mr. Hames said.
Not only was there the opportunity for bidders to purchase a rare physical Phase III in Yellow Glo which broke records selling for $1.3M under the hammer but they also could purchase the ‘digital verified NFT’ art model of the exact same vehicle that came with some enticing benefits.
“The Ford Falcon GTHO Phase II receives so much attention because it is the pinnacle of Australian muscle cars and has consistently held its value over its lifespan since its release in 1971, so they attract bidders including enthusiasts, collectors as well as investors,” said Mr. Hames.
Also, up for auction on Saturday was the collection of some extremely rare 1 of 1 Holdens which also achieved record prices.
A 1996 Holden HSV VS GTSR BUILD #001 in XU3 Yellah sold for a whopping $1 million under the hammer whilst a HSV GTSR W1 4 Door Build #017 sold to a Holden enthusiast for $750,000.
However, in the end it was Ford that took the top honours for the auction. Although negotiations on the W1 Ute that got passed in are expected to exceed the Fords record.
“Holdens and Fords continue to appreciate in value, anything of a limited build, celebrity affiliation, significant history or chrome bumpers just keeps going up in value and we urge any Holden or Ford enthusiast, or anyone interested in NFT’s to give us a call right now,” said Mr. Lee Hames.
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What is a non-fungible token?
In economic speak – a fungible asset is something with units that can be readily interchanged – such as money.
With money, you can swap a $10 note for two $5 notes and it will have the same value.
However, if something is non-fungible, this is impossible – it means it has unique properties so it can’t be interchanged with something else.
It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print but there will only ever be one original painting.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets.
How do NFTs work?
Traditional works of art such as paintings are valuable because they are unique.
But digital files can be easily and endlessly copied.
With NFTs, artwork can be “tokenized” to create a digital certificate of ownership that can be bought and sold.
How much are NFTs worth?
In theory, anybody can tokenize their work to sell as an NFT but interest has been fueled by recent headlines of multi-million-dollar sales.
On 19 February, an animated Gif of Nyan Cat – a 2011 meme of a flying pop-tart cat – sold for more than US $500,000. A few weeks later, musician Grimes sold some of her digital art for more than $6m. The most famous example is artist BEEPLE who sold a digital composition for US $69,346,250