Ferrari is reportedly courting the cryptocurrency crowd by auctioning off a championship-winning car.
The sports car maker plans to create a digital token that its wealthiest fans can use in an auction for a Ferrari 499P, the endurance car that won three consecutive Le Mans titles, Reuters reported Saturday (October 25).
The report says the plan so far is limited in scope and marks an effort by Ferrari to follow in the footsteps of others luxury brands seeking to tap the growing wealth of young tech entrepreneurs, as artificial intelligence (AI) and data centers help fuel investments and markets around the world.
However, Ferrari is not new to digital assets. As noted by Reuters, the Italian company has started accepting Bitcoin, Ethereum and USDC for automobile purchases in the United States in 2023 before expanding this service to Europe the following year.
The report states that the company has partnered with Italian FinTech. Conio to launch the “Ferrari 499P Token” to allow members of its Hyperclub – exclusive customers who are fans of endurance racing – to exchange with each other and bid on the racing model. The token is expected to debut in 2027.
“It’s about strengthening the feeling of belonging of our most loyal customers”, Marketing and Sales Director. Enrico Galliera told Reuters.
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The report further notes that this is happening amid rising cryptocurrency prices – bitcoin is up 60% last year – even as regulators warn that relaxed oversight and speculative trading can lead to risks for investors and financial stability.
According to Reuters, the token will take time to come to fruition. In the meantime, Conio is applying for a license under the European Union regulation. new crypto regulations.
“The development potential is enormous,” said Davide Rallo, Conio’s chief fintech strategist and project architect.
On a related note, PYMNTS wrote last month about the idea of bitcoin as an “unambiguous peer-to-peer electronic payment system” and how that vision is gaining traction in the world of cash. global luxury real estate.
As this report highlights, credit cards quickly gained traction among business travelers and wealthy consumers before moving to the mass market. And digital wallets first became fashionable in high-frequency urban transportation and e-commerce before reaching suburban grocery stores.
The recent decision by the developer behind Mandarin Oriental, Grand Cayman, to accept cryptocurrency for its multimillion-dollar private residences represents the latest example of this broader trend.
“We are introducing cryptocurrency as a payment option in response to growing buyer interest.” Grégory Surabiensenior general manager of Melkonian capital managementthe developer responsible for the project’s residential sales, told PYMNTS.
“Many of our buyers already hold digital assets, so giving them the option to purchase with cryptocurrencies makes the process more convenient and more in line with how they manage their portfolios.”
