- CurrencyWorks (CWRK) is partnering with Barrett-Jackson to launch VIN 001 sale series non-fungible tokens (NFTs)
- Barret-Jackson Auction Company will create the first NFTs for car collectors debuting at its auction in Scottsdale, AZ
- The first series will include auctions and exclusive content of the sale of VIN 001 cars
- Unique features of the NFTs will include copyright registration in the U.S., automated usage tracking and license management
- A pioneer in the NFT space, CurrencyWorks is an enterprise platform for building blockchain economies for established brands
- Shares of CurrencyWorks are down 3.47 per cent, trading at C$3.06 as of 2:55 pm ET
CurrencyWorks (CWRK) has entered into an agreement with Barrett-Jackson Auction Company to launch VIN 001 sales series non-fungible tokens (NFTs).
Barrett-Jackson Auction Company, an American car collector auction company, will be creating the first NFTs for car collectors at its auction in Scottsdale, AZ, between March 20 and 27.
Non-fungible tokens are a newer class of digital assets and are used primarily for unique tangible and non-tangible items, such as collectables.
The first auction series will include the sale of the VIN 001 vehicles and will include four VIN 001 vehicles, including:
- 2021 Ford Bronco 2-Door VIN 001
- 2022 GMC Hummer EV Edition 1 VIN 001
- 2021 Ram 1500 TRX Launch Edition VIN 001
- 2021 Ford Mustang Mach 1 VIN 001
Unique features of the NFT design include automatic copyright registration with the United States copyright office, automated usage tracking and license management for the NFT owner.
“Barrett-Jackson is the industry leader in collector car auctions and we are very excited that they are partnering with CurrencyWorks to provide NFTs for the VIN 001 series and beyond,” Cameron Chell, chairman of CurrencyWorks, said.
“An NFT collection of the sale of the VIN 001 charity cars is an exciting and natural evolution for our industry and just the start of how NFTs will be a part of the future of car collecting.
NFTs have great potential for the collector car industry, as you can now own the VIN 001 car and could own the NFT of the incredible moment of that charity car selling for the very first time at Barrett-Jackson,” Craig Jackson, CEO and chairman of Barrett-Jackson, said.
According to nonfungible.com, the NFT industry had a market capitalization of $338 million at the end of 2020. Over the course of last year, the NFT industry grew by 299 per cent in market value.
A pioneer in the NFT space, CurrencyWorks is an enterprise platform for building blockchain economies for established brands.
Shares of CurrencyWorks are down 3.47 per cent, trading at C$3.06 as of 2:55 pm ET.