The NFTs showcase the award-winning concept vehicle in digital settings. They also include other assets, such as framed art.
Another automaker has entered Non-Fungible Tokens, or NFTs. Pininfarina announced last month that it would auction five NFTs from the Modulo concept, which was first introduced with Ferrari in 1970. Each car features the concept car in an entirely different setting. However, it appears that demand is not what Pininfarina expected. Although the auctions were scheduled to close on May 26, they have been extended due to insufficient reserve prices.
What is the reserve? We don’t have the answer because RM Sothebys didn’t mention this in its announcement about extensions. As of June 10, the highest price among five NFTs was $21,000 The lowest bid is $18,000 so all five auctions are trending at the same price levels. It is not known if any one bidder is available for all five auctions. Auctions will remain active until June 20.
Pininfarina and 10f1 collaborated to create five artistic environments in which the Modulo digitally exists. Each is themed around a particular decade, beginning with the 1970s and continuing through 2020. Original Modulo designs were used as inspiration and videos featuring original soundtracks placed the concept car into unique settings. The NFTs don’t just offer a video experience. Original Modulo sketches, rare artwork, and VIP perks in the real world include museum tours, meetings and physical art framed by Pininfarina designers.
When it debuted in Geneva, 1970, the Modulo concept impressed with its futuristic design. It was originally designed as a V12 supercar with a central engine. The canopy slides forward to allow access to the cockpit. The concept was purchased by James Glickenhaus, of SCG fame . He then modified it for off-road driving. It ignited in 2019. It was not damaged and it was restored to its former glory within a few months.
Will Pininfarina’s NFTs eventually exceed their reserve prices or not? We’ll be able to tell the truth when the auctions end on June 20, unless there are any extensions.