How does Ferrari attract young, wealthy technicians? Thanks to a new crypto token, of course. Ferrari’s richest fans will now be able to use the new digital asset to be able to bid on a Ferrari 499P, the car that won three consecutive Le Mans titles, Reuters reports.
Italian fintech Conio will collaborate with the automaker to launch the “Ferrari 499P Token”. Those who own the token will be part of the Hyperclub, reserved for 100 of its most elite customers, who will be able to trade with each other and bid on the racing model.
Ferrari did not immediately respond to a request for comment.
Ferrari, which is launching its first-ever fully electric vehicle, is no stranger to the world of crypto. In 2023, it began accepting cryptocurrencies like Bitcoin and Ethereum as payment for its vehicles.
Luxury cars and crypto have historically gone hand in hand – or in this case, foot on the gas. In 2018, a popular meme emerged called “When Lambo,” referring to when a Bitcoin millionaire could sell enough cryptocurrency to buy a $425,000 Lamborghini. There is even websites which calculates the number of Bitcoins you would need to buy the luxury car.
The number of people in the crypto sector who can afford luxury cars has only increased as the industry enjoys an unprecedented bull market, driven in part by support from the Trump administration. Last year, the price of Bitcoin has more than doubled from around $60,000 last October to its peak of around $125,000 last month.
Ferrari is not the only major company to pursue crypto-based marketing strategies in recent years, although previous efforts have yielded mixed results. In 2022, Starbucks released an NFT but shut down the program 18 months later. Another example of crypto’s incursion into popular culture was when FTX took over the naming rights to the Miami Heat’s arena. When the crypto exchange collapsed in late 2022, the naming rights deal also collapsed a few months later.
While previous partnerships between big brands and crypto have failed, Ferrari sees its latest crypto venture as a way to build customer loyalty.
“It’s about strengthening the feeling of belonging among our most loyal customers,” Enrico Galliera, marketing and sales director, told Reuters.
