British luxury car manufacturer Rolls Royce launched a NFTs series associated with six new Phantom series cars. The company partnered with artist Sacha Jafri for this venture: Each car’s interiors feature unique works of art hand-painted by the artist depicting one of the six elements: earth, water, fire, wind, air, and humanity.

The Six Elements project started in 2020 and the cars were unveiled last month. NFTs are sold with the car and the owner can sell the NFT independently of the car. Royalties collected through NFT trading are held in a digital wallet to raise money for charity. In its latest announcement from December 2022, the company said it has already exceeded its goal of raising more than $1 million for charity.

“I am delighted with the success of this project. We and our dealer partners in Dubai and Abu Dhabi are embarking on an incredible journey with a specific goal, which I am delighted to have not only achieved, but also exceeded,” said César Habib, Regional Director, Rolls-Royce Motor Cars, Middle East. . and Africa, referring to cars sold to customers in Dubai and the broader Middle East region.

Other luxury car companies have sought similar collaborations with artists to create NFTs. In January 2022, Lamborghini released an NFT collection featuring a set of digital space keys modeled in a carbon fiber composite that was sent to the International Space Station. McLaren collaborated with InfiniteWorld to launch NFTs based on McLaren’s luxury cars. Y bmw announced a concept car inspired by the metaverse, with digital screens on the windshield that project a virtual world.

The Volkswagen group has been investing in its digital strategy, with its investment reflected in its Porsche, Audi and Skoda brands. Audi launched fractional NFTs, which sell parts of a single artwork. volkswagen The South African subsidiary also launched NFTs via OpenSea, as part of an advertising campaign for the new Polo car. Most recently, in November 2022, Porsche announced its first official market for NFT, which would contain 7,500 personalized pieces of art of the Porsche 911 model. Porsche also incubates mobility technology startups. Forward31, a company started by Porsche Digital, launched fan zone in 2021, a platform for digital trading cards that uses blockchain technology.

With the metaverse projected to have an impact of 5 trillion dollars by 2030, various sectors are looking for value in the metaverse. The listed initiatives are indicative of the automotive industry creating unique virtual experiences for deeper digital engagement of their projects. Consequently, executive reports indicate that the automotive industry is among the leaders in the current adoption of metaverses. Seventeen percent of the industry plans to invest a significant portion of their digital budgets into the metaverse.