Audi launches novel fractional NFT
Audi is about to launch a non-fungible token (NFT) which is unusual in several ways. The NFTs are fractions of a single piece of art, The Art of Progress. Ouchhh Studio created the animated art using artificial intelligence (AI) based on the flow of people at the German internet marketing event OMR. During the event, it was displayed on a giant cube art installation.
The digital artwork is being sold for €50,000 ($53,500) but in fractions of €50 in partnership with Timeless, which specializes in fractionalizing sought-after collectibles. The proceeds from the May 27 drop will go to UN Refugee Aid for Ukrainians.
A video promo published at the same time portrays The Art of Progress as a hint of the future of art and its potential.
Last year, Audi launched its first NFTs in China using the xNFT protocol.
While Audi’s NFT endeavor is more creative than most, several other auto manufacturers are entering the NFT space. Last week Mercedes Benz announced it’s planning an NFT launch with no details yet released. Several other luxury car brands have launched NFTs, including Lamborghini, McLaren and Porsche.