According to a Wednesday tweet by Lucidao, Altr’s governance application, the sports car sold in less than 48 hours.
A recently sold Ferrari worth $2.5 million is now a Polygon NFT. This is part of Polygon-based luxury item marketplace Altr’s plan to demonstrate how the buying and selling of luxury items can be facilitated by blockchain technology.
Looking to become the go-to platform for such transactions, Altr made its biggest sale to date – the sale of a Ferrari F40 sports car for 2.5 million USDT. The platform issues digital proof of ownership for all luxury items sold in the form of non-fungible tokens. It also assumes the role of taking care of the physical item until the new owner is ready to claim it.
“All collectibles are safely stored and maintained by Altr’s Oracles in safe storage facilities until the NFT holder decides to redeem the physical collectible,” the firm revealed, adding that a team of “renowned experts” was responsible for ensuring the proper appraisal and storage of products sold on the platform.
According to a Wednesday tweet by Lucidao, Altr’s governance application, the sports car was sold in less than 48 hours.
Breaking News: Ferrari F40 Sold within 48hrs! 💥
We are thrilled to announce the successful sale of the iconic F40 that captivated the Monaco Grand Prix. This marks a significant milestone as the first official sale on the Altr platform.
Powered by #Lucidao, built #onPolygon pic.twitter.com/VeFHCNDP8C
— Lucidao (@Lucidao_) July 19, 2023
One of the platform’s early supporters Davide Rovelli believes that the speed with which the car sold proves that the community has confidence in Altr and its underlying technology.
He stated that he is confident that “there is a growing market for collectors to buy physical assets using blockchain technologies, enabling a secure and transparent solution for acquiring, owning, exchanging and storing high-value assets.”
Altr also offers what it calls “fractionalized ownership” ownership of items. This gives collectors partial ownership of a luxury item. Partial owners of an item receive NFTs to indicate their stake in the item. For instance, in January, the platform sold a Rolex Daytona 6265/8 watch worth $195,000 to a group of buyers. It has received a 3% for its role in storing and managing the watch.
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