"How is Ferrari appealing to rich, young techies? Through a new crypto token, of course. Ferrari's wealthiest fans will now be able to use the new digital asset to be able to bid on a Ferrari 499P, the car that won three straight Le Mans titles, Reuters reports. The Italian fintech Conio will collaborate with the car maker to launch the 'Token Ferrari 499P.'"
"Those who have the token will be a part of the Hyperclub, reserved for 100 of its most elite clients, who can trade with each other and bid on the racing model. Ferrari did not immediately respond to a request for comment. Ferrari, which is releasing its first ever fully-electric vehicle, is no stranger to the world of crypto. In 2023, it began accepting cryptocurrencies like Bitcoin and Ethereum as payment for its vehicles."
"Luxury cars and crypto have historically gone hand in hand-or in this case, foot on gas pedal. In 2018, a popular meme emerged called " When Lambo," referring to the point at which a Bitcoin millionaire could sell enough cryptocurrency to buy a $425,000 Lamborghini. There are even websites that calculate how many Bitcoins you would need to buy the luxury car."
"The number of people in the crypto sector who can afford luxury cars has only gone up as the industry enjoys an unprecedented bull market driven in part by support from the Trump administration. In the last year, the price of Bitcoin has more than doubled from about $60,000 last October to its high of about $125,000 last month. Ferrari is hardly the only big name company to pursue crypto-based marketing strategies in recent years-though earlier efforts have come with mixed results. In 2022, Starbucks released an NFT but shuttered the program 18 months later."
Ferrari and Italian fintech Conio will launch the 'Token Ferrari 499P' to let holders bid on the Le Mans-winning 499P and join a 100-member Hyperclub. Hyperclub members can trade tokens with each other and bid on the racing model. Ferrari began accepting cryptocurrencies like Bitcoin and Ethereum for vehicle payments in 2023 and is releasing its first fully-electric vehicle. Luxury cars and crypto have long overlapped, exemplified by the 'When Lambo' meme and sites that calculate Bitcoin needed for luxury purchases. The crypto bull market and rising Bitcoin price have increased the number of crypto-affluent buyers. Prior corporate crypto efforts have produced mixed results, including a shuttered Starbucks NFT program.
Read at Fortune Crypto
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