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The NFT line is the plan Bentley has to impress itself in the budding Web3 and broader metaverse space. Bentley will only release 208 pieces.
Bentley Motors Ltd recently announced its first foray into the non-fungible token (NFT) marketplace. The leading British luxury automobile manufacturer took to its official Twitter account yesterday to reveal the news:
Today we announce our first venture into the NFT marketplace with a one-time NFT drop on the carbon-neutral @0xPolygon network, scheduled for September 2022 and limited to just 208 pieces. Discover more: https://t.co/hWnrz69L4g pic.twitter.com/ppSqq5MRAS
— Bentley Motors (@BentleyMotors) June 22, 2022
As mentioned in the statement, the inaugural limited-edition Bentley NFT collection will run on the Polygon network. The digital assets will feature a unique artwork created by Bentley Design and will come with perks, including unique access and exclusive rewards for holders.
Bentley plans to launch only 208 pieces in the NFT collection. The number 208 is significant as its the top speed of the company’s fastest Grand Tourer (the Continental GT Speed). In addition, ‘208’ is the total number of manufactured iconic R-Type Continental class lineup of 1952. Also, this classic model inspired the design now seen in modern Bentley cars.
NFT Initiative to Kickstart Sustainable Metaverse Presence, Sponsor Philanthropic Efforts
According to Bentley, its new NFT collection is a stepping stone towards a long-term approach to increase visibility in the Web3 space. Speaking on the potentials, Bentley Member of the Board for Sales and Marketing, Alain Favey, said:
“Bentley customers are living their lives online, purchasing luxury goods with digital currency, and establishing businesses in the Metaverse. We’ve always engaged our customers where they explore their passions, and today that means being present in digital marketplaces and offering NFT assets.”
Furthermore, Favey added that he expects the luxury automotive space to enjoy the same awareness that NFTs have granted art and artists.
Although Bentley did not provide much on its upcoming NFTs, the company suggested that proceeds would go towards philanthropic causes. These include supporting students interested in design, engineering, and manufacturing. In addition, Bentley will channel funds derived from the inaugural digital assets towards organizations looking to increase sustainability efforts.
Since the host network Polygon is now carbon neutral, all Bentley NFTs will follow suit. This plays into the luxury vehicle manufacturer’s plan to achieve end-to-end carbon neutrality by 2030. Also, this timeline matches Bentley’s target for when all its cars and SUVs will be fully battery electric.
Bigger Picture for Bentley NFT Venture
Bentley’s NFT foray is the latest amongst automobile companies looking to leverage the popularity of the digital assets. Other luxury and mainstream brands such as Rolls Royce, Hyundai, Lamborghini, Mahindra, MG Motor, and McLaren have all taken the plunge into the NFT space.
Besides launching NFTs, Bentley is also considering a host of other digital applications. These include online gaming, applying blockchain technology across the organization, and several different metaverse applications. Bentley is also considering non fungible chips (NFC).