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Audi NFT Set for Release Release on xNFT Protocol

UTC by Tolu Ajiboye · 3 min read
Audi NFT Set for Release Release on xNFT Protocol
Photo: Shutterstock

Chinese media reports that Audi plans to release limited-edition NFTs in conjunction with xNFT.

Audi is set to release limited-edition NFTs in collaboration with xNFT. The German car manufacturer recently announced it could start minting the non-fungible tokens on the xNFT platform from August 10th. On the NFT release, Audi will also be collaborating with FAW-Volkswagen and Robb Report. 

As part of the release’s promotional structure, the automobile company teased a 15-second video in Mandarin. In addition to this, Chinese microblogging website Sina Weibo reported the news, which sparked great delight within the crypto sector. With the release of this highly anticipated NFT, Audi now looks set to join the ranks of other entities from the art and sports world who have ventured into NFTs. In fact, the car company may become the next popular NFT area of interest. This is because cars are considered in prime position for NFT adoption, both as a basic interest and as a sporting industry. Even toy manufacturer Mattel recently announced an NFT line for its Hot Wheels Series.

xNFT is a self-proclaimed ‘largest and most important NFT protocol’. It is an aggregator platform for the non-fungible token system and has formed strategic partnerships with several other digital and data platforms. These include Digicenter, Darkish Horse, Larva, and the EU-China Science and Expertise Committee. In addition, xNFT also received investments from Huobi Labs, Fundamental Ventures, and Continue Capital, to name a few.

How the Audi NFT Fits Mainstream NFT Acceptance

The NFT sector is fast becoming a big deal and maybe around for a long while. It has amassed a growing cult followership and now sees major endorsements from celebrities, artists, and corporations. The NFT technology is now available in the worlds of art, sports, gaming, and celebrity tradition. At the moment, everybody seems interested in a piece of the action.

Recently, global pop star Katy Perry announced plans to launch NFTs for fans through blockchain-based video streaming platform Theta Labs. She will release digital collectibles of her upcoming performance starting December 21st. Other celebrities to jump on the NFT bandwagon include Jay-Z, Lindsay Lohan, Mark Cuban, Rob Gronkowski, and Jarule.

The National Basketball Association also recently announced plans to start selling game ‘moments’ to fans at kiosks situated around the arenas. These digital collectibles will upload to fans’ accounts soon after purchase and can be further traded for more collectibles. The league said it was partnering with Dapper Labs to bring this initiative to fruition.

The NFT sector is slowly becoming one of the most prevalent uses of blockchain technology. This is because it is quite simple to understand the basic idea of holding a unique asset. It possesses value just as much as rare collectibles do, and the retail market is all for that. Such is the popularity of NFTs that even Shopify now lets merchants sell the tokens directly on its platform. As one of the most popular shopping solutions available, this move could potentially bring in a large number of consumers.

William Quigley, co-founder of Tether believes all major brands will use NFTs within the next decade. Even Kevin O’Leary, an investor on Shark Tank who has been wary of Bitcoin says NFTs will play a key role in the future.

 

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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