A Dubai-made stunt car used in Fast & Furious 7, which was partly filmed in Abu Dhabi, is set to go on sale in the as a non-fungible tokens (NFT) car auction which will see the buyer own both the physical and digital asset. The first NFT car auction was carried out by FomoLab in Miami.
The Lykan HyperSport stunt car, the only one of 10 to survive the filming of Furious 7, was built by Dubai-based W Motors and featured in scenes with stars Vin Diesel and the late Paul Walker, crashing through some of the most famous landmarks in the UAE.
The car, which was built purely as a stunt vehicle and is not street legal, is being marketed by RubiX, a premium NFT marketplace, which will oversee the first physically-backed on-chain automotive NFT. While the auction on May 11 has a reserve price of $500,000, Géraldine Monchau,
chief business officer of RubiX Network, which has offices in the US and Geneva, said the price is expected to exceed $1 million. “The bids can be started at $100,000 but the expectation is to reach at least $1 million, but you never know with this crypto market, people are completely crazy. Last week, we had an auction where we sold a picture for $10 million,” Ms Monchau speaking to the UAE National newspaper.
The W Motors Lykan HyperSport NFT will offer the buyer not only ownership of the actual car – which is stored in a glass box complete with scars and imperfections from filming – but also the digital asset, with the cost of shipping the item to the buyer’s home also thrown in.
The auction’s highest bidder will also receive a NFT package, including a collage of exclusive images of the Lykan HyperSport stunt car, a unique video and lifelike 3D renderings of the stunt car built on-chain on the RubiX blockchain with DID security.
“There were 10 cars built for the movie but this is the only one that survived, so this one is really a collector. It has a small motor inside but it is only for use on a private road, you cannot go on a public road because it would not be covered by insurance.” The car, currently on display at the W Motors Gallery in Dubai, will also come engraved with an irreplicable QR code (visual crypto) on its chassis to prove ownership.
The Lykan HyperSport NFT will be backed by RubiX’s proprietary patented technology, which incorporates the users’ Passwordless Digital Identity (DID) and unique QR Codes that require authentication for NFT access, preventing the loss or theft of keys.
The digital assets used for a RubiX NFT are stored on the RubiX blockchain, not on a centralised server, meaning ownership of the digital asset cannot be accessed by other parties and provides true ownership of the asset.
While RubiX is now accepting pre-bids for the W Motors Lykan HyperSport NFT, the live auction will take place on May 11.