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Bentley plans NFT drop
British marque Bentley branching out into NFT digital art marketplace
23 Jun 2022
BENTLEY Motors has announced its first venture into the NFT marketplace with a one-time NFT drop on the Polygon network, which is scheduled for September 2022 and limited to just 208 pieces.
A non-fungible token (NFT) is a financial security consisting of digital data stored in a blockchain – a form of distributed ledger. Ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold online, frequently through cryptocurrency trading (they are often encoded with the same underlying software as many cryptocurrencies). Think of it as a digital asset that represents real-world objects such as pieces of art, music, in-game purchases and videos.
The number 208 has some significance for the VW Group-owned manufacturer – it’s both the top speed (in mph) of its fastest Grand Tourer – the Continental GT Speed – and the total production run of the iconic R-Type Continental of 1952 – the car that inspired the modern Bentley design DNA.
The genesis Bentley NFT will be a “unique” artwork created by Bentley Design and offer “unique” access and exclusive rewards to its holder. Bentley is positioning this first drop to lead a long-term approach to expand and enhance ownership of the Crewe-based marque’s models in the Web3 ecosystem. Web3 is an idea for a new iteration of the world wide web based on blockchain technology, which incorporates concepts such as decentralisation and token-based economics.
The Bentley collection will be minted on Polygon, an Ethereum scaling platform that has onboarded millions to Web3. Polygon recently attained carbon-neutral status and has pledged to be carbon negative by the end of 2022. As a result, all Bentley NFTs will be entirely carbon-neutral. With a commitment to achieving end-to-end carbon neutrality by 2030 (by when all new Bentley models will be all-electric), it was vital for Bentley that its first venture into Web3 would be fully sustainable.
“Bentley customers are living their lives online, purchasing luxury goods with digital currency, and establishing businesses in the Metaverse. We’ve always engaged our customers where they explore their passions, and today that means being present in digital marketplaces and offering NFT assets,” aaid Bentley’s board member for sales and marketing, Alain Favey.
“We’ve seen how NFTs have raised the profiles of both art and artist, and we believe the same can happen in the luxury automotive space,” Mr Favey added.
“Polygon is excited to expand our partnerships in the automobile industry, by working with the most prestigious brand in its sector. Polygon will provide the sustainable, low-fee infrastructure Bentley requires for its foray into Web3,” said Polygon Studios CEO, Ryan Wyatt.
Apart from the NFT drop, Bentley will explore other digital platforms, including NFCs (non-fungible chips), online gaming, Metaverse applications, and the use of blockchain technology across the organisation. Owners of a Bentley NFT will be treated to exclusive community opportunities, rewards and special utilities – to be announced soon, the Crewe-based marque said.
Furthermore, proceeds from this and future activations will further the brand’s philanthropic efforts. Bentley says it will step up support for students interested in engineering, design and manufacturing and plans to support organisations working to facilitate sustainability in transportation sector.
The pieces of digital art featured on the NFTs will be revealed following the drop in September.
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