Lamborghini teams up with VeVe NFT Marketplace to release limited edition digital collectibles

Automobili Lamborghini, a manufacturer of luxury sports cars based in Italy, has reportedly teamed up with NFT marketplace VeVe to release a limited edition of digital collectibles for its cars. According to the announcement, the Lamborghini NFTs will be listed on the VeVe market on February 19. The Lamborghini NFTs will feature the company’s Huracán STO model with various rarities.

VeVe and Lamborghini Cooperation

Lamborghini NFT collectors can showcase their collectibles in the app’s virtual showroom, share on VeVe social feeds and use augmented reality (AR) to view and “drive” their digital devices.

VeVe co-founder Dan Crothers noted that he is enthusiastic about giving Lamborghini fans a new way to experience their favorite sports car. Crothers added that he hopes the collection will help bring more Lamborghini sports car fanatics to the Web3 industry, which has shown tremendous potential for more in the future.

“Owning, or even just driving, a Lamborghini is a dream for many,” noted Crothers. “The beauty of our community of passionate collectors is that they just love to collect, but we also hope that this will inspire car enthusiasts to jump into the digital collecting world as well.”

This is not the first foray into the NFT industry for the Italian luxury car. Late last year, Lamborghini announced a limited NFT edition of 1,963 units with a base price of $196.30. Specifically, Lamborghini NFTs can be purchased through various cryptocurrencies or fiat deposited into the company’s account.

However, Lamborghini NFT collectors can now use the VeVe marketplace to seamlessly trade their digital collectibles.

Lamborghini NFTs

The non-fungible tokens (NFT) market has grown exponentially into a billion dollar industry. Originally, NFTs were just seen as jpeg files that circulated through blockchain technology. However, various real-world industries have found NFTs to be an informal way to interact with customers. Also, companies can represent real goods as NFTs with underlying value and liquidity.

Lamborghini and its limited edition NFTs will compete against rival company Porsche, which released a series of NFTs with its flagship 911 model last month. Earlier last year, car manufacturers McClaren and Alfa Romeo announced their entry into the NFT market with a range of limited editions.

However, the NFT market is expected to face more regulatory scrutiny, especially after the collapse of FTX and Alameda late last year. Also, the SEC has classified crypto staking programs as unregistered securities after the Kraken crash. In particular, several exchanges and platforms for digital collectibles offer investment programs for the NFT market.

Nevertheless, Lamborghini is keen to introduce NFTs to the rest of the world where regulations are not as rigid as in the US.

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