Barrett-Jackson is auctioning off a non-fungible token, or NFT, of an image showing the GMC Hummer EV crossing the auction block at its recent Scottsdale auction in Arizona.
Our readers probably aren’t as well versed in cryptocurrency as they are in automobiles, so let’s start off this article by explaining what an NFT is. The term “non-fungible” refers to an item that is entirely unique and cannot be replaced. A non-fungible token, then, refers to a digital asset, like a GIF or image, that has its data tracked and certified on a digital ledger called a blockchain. The blockchain allows the owner of the NFT to certify that the digital asset is theirs, providing them with proof of ownership of the digital file. So while anyone can save a copy of a media file they find on the internet, selling it as an NFT would provide the purchaser with proof they are the rightful owner of the media file. NFTs typically use the Ethereum blockchain to certify digital files as authentically one-of-a-kind.
Now we can move onto Barrett-Jackson’s GMC Hummer EV NFT. The auction company says the winning bidder of the NFT will receive includes one exclusive video, one illustration and three still images, all of which relate to the sale of the first production GMC Hummer EV at its Scottsdale auction in March of this year. This NFT will be stored in the Motoclub digital wallet, a newly launched digital collectibles marketplace “for car enthusiasts who buy and sell automotive memorabilia” in the form of NFTs.
The video, illustration and images show the first production GMC Hummer EV crossing the auction block at the Scottsdale auction before the hammer fell on the sale. The vehicle sold for $2.5 million at the auction, with all proceeds benefitting the Tunnel to Towers Foundation.
The live auction of the GMC Hummer EV NFT will take place at the Barrett-Jackson 2021 Las Vegas auction, which will be held from June 17th through to June 19th.