Physical Asset NFT | McLaren’s Big Move into the Metaverse

In what might be a new generation of non-fungible token-based assets, the luxury car brand McLaren Automotive has announced InfiniteWorld as their official partner for metaverse campaigns. The collaboration would result in the creation of an NFT collection based on McLaren’s luxury cars.

InfiniteWorld works on creating NFTs and metaverse environments for brands to engage more with consumers, and McLaren Automotive is the latest to join this list. It is part of the SUKU Ecosystem, which works as a collection of Web3 applications aiming at brands that plan to leverage blockchain technology to complement the products and services provided.

This move from McLaren Automotive comes after its subsidiary McLaren Racing had entered the virtual world with the blockchain network Tezos. The prominent Formula1 racing team earlier had a bitter experience when their deal with Bitci was terminated recently. All these events led to a diligent approach from the McLaren group, and hence the move has occurred.

So, Are Physical Asset NFTs Getting Prominence?

Although the implementation of physical asset NFTs have been occurring regularly with various brands, McLaren Automotive’s move to the metaverse is something to be truly appreciated. This is because when such a big name announces something, there always will be a craze from the fans of the brand, who necessarily might not be consumers.

This results in the news getting widespread, and people get curious to learn more about the mechanism lying behind the move. For instance, people might now read about physical asset NFTs and physical asset NFT marketplaces with McLaren’s announcement. In this way, the concept of physical NFTs reaches more audiences, and the present skepticism around NFTs would likely wane soon. While it might not still be the stage to proclaim the prominence of physical asset NFTs or marketplaces, it is certainly a great kickstart for such a novel concept.

Note: Physical Asset NFT Marketplace business will be the most profitable in the future. This is the right time to create your own Physical Asset NFT Marketplace

More About Physical Asset NFTs

Physical asset NFTs are physical products backed by non-fungible tokens or metaverse versions of physical assets (such as the McLaren NFT collection). Typically, such NFTs are sold in exclusive marketplace platforms owing to the exclusiveness of the products sold. The sale of such NFTs in the common NFT marketplaces in the future would become possible in the near future as more and more physical NFTs get created and traded.

Previously, NFTs from a popular Whisky brand had been sold as physical asset NFTs, along with some small-scale attempts at selling real estate as NFTs. In some cases, these NFTs can verify ownership of physical assets such as physical artworks. In others, the NFTs can be redeemed for the physical product in exchange, such as branded footwear. Also, physical asset NFTs in the future look to utilize the proof of ownership concept for real estate lands (both real-world and metaverse) that NFTs have offered since their inception.

Some Final Thoughts

As the deal on creating metaverse NFTs between McLaren Automotive and InfiniteWorld finalizes soon, it would be exciting to see how the move is received by the fans of the luxury car brand. Also, another thing to note is the reaction of other brands on the move and their subsequent actions in the near future. Anyways, physical asset NFTs and the exclusive marketplace platforms that sell them would be in demand soon and would be the epicenter of the next boom in the NFT space. So, this might be the right time to venture into a business relating to physical asset NFTs as early birds reap big, which we have seen earlier in the case of Ethereum and OpenSea.