It is tied to an NFT
For the California license plate “MM”, a seller is asking $24,545,011.20. Yes, that is an incredibly high number. The sale is linked to a non-fungible token, NFT (not fungible token).
California’s two-character plates have the smallest number of emblems. They are also very rare due to the small number of combinations that can be used with alphanumeric characters.
A website advertising the sale promotes the $24.5 million plate ‘MM,’ calling it “The Ultimate Flex”. This argument can be true in some ways, but it is not always the best. This amount of money can buy a house in California or a garage filled with fun vehicles.
According to the seller, this huge investment is made for the “type of person who values the rare, exclusive, and one-of-a kind.” Perhaps there’s an extremely wealthy car enthusiast who sees the value in owning the “MM”, plate.
This sale is technically a purchase of the NFT at a price equivalent to 5,888 units in cryptocurrency ethereum. Because of the conversion rate, the price in dollars is quite odd.
California allows people to transfer vanity plates. The current owner can sign the plate “MM” to the buyer.
Texas also offers the ‘MM plate from the same seller. This plate can be used in conjunction with an NFT. However, it is quite affordable at 2,888 ethereum (current exchange rates: $12,039,061.20).
There is precedent for individuals spending outrageous amounts on license plates all over the globe. In 2018, the asking price for the F1 number plate in the UK was $20 million. In 2020 , the price of “0 10” in the UK was $170,000