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Lamborghini’s dive into NFTs comes amid lower monthly sales volumes for digital collectibles.
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Luxury vehicle manufacturer Automobili Lamborghini will use the crypto on-ramp firm Transak for its upcoming non-fungible token mint.
On Nov. 7, Lamborghini will allow users to mint their Revuelto NFTs as part of the car manufacturer’s Fast ForWorld collaboration with Web3 gaming and venture capital firm Animoca Brands.
The NFTs will allow users to drive digital Lamborghinis in a wide range of games developed by Motorverse, an Animoca Brands project focusing on digital vehicles.
A digital Lambo on the Fast ForWorld website. Source: Lamborghini
In a press release sent to Cointelegraph, Transak said it would be the “NFT Checkout” partner for the Fast ForWorld project. The announcement noted that users can choose payment methods through Transak’s platform. This includes card payments and direct bank transfers.
Despite a recent data breach, Transak assures its users that the platform facilitates secure payment transfers. On Oct. 21, the crypto on-ramp platform suffered a data breach, with 92,000 users, about 1.14% of Transak’s user base being affected after a phishing attack. In an announcement, Transak said that “no financial information” was compromised.
Related: Transak secures Alabama license, expands US crypto services
NFT monthly sales volume downturn
Lamborghini’s venture into the NFT space comes amid a broader market downturn in Web3 digital collectibles.
In October, NFTs recorded a $356 million monthly sales volume. While the number shows an 18% increase compared to September, it’s still 353% lower than the market’s peak in March 2024, when NFTs had a volume of $1.6 billion.
Harshit Gangwar, the head of marketing and investor relations at Transak, told Cointelegraph that Lamborghini is diving into NFTs to create unique and immersive experiences. Gangwar added:
“For high-end brands like Lamborghini, NFTs represent a new way to deepen relationships with fans and collectors by offering exclusive digital assets and experiences that have long-term appeal.”
Gangwar said the strategy allows the car manufacturer to engage with its community better. He added that despite the market dip, NFTs still resonate with “niche, high-value communities” drawn to “exclusive, brand-aligned content.”
“It’s less about immediate sales volume and more about setting the stage for a digital future where ownership, brand interaction, and community engagement occur in virtual environments,” Gangwar said.
Magazine: gmoney’s anguish over ‘buying the top’ of CryptoPunks: NFT Collector
This article first appeared at Cointelegraph.com News
