Source: AdobeStock / OceanProd
Mercedes-Benz NXT, the automaker’s digital innovation arm, has teamed up with Fingerprints DAO, a decentralized autonomous organization (DAO), to create a new collection of non-fungible tokens (NFTs). The collection, called “Maschine,” will feature 1,000 unique generative artworks that explore the themes of motion, speed, and perception.
The NFTs will be minted on the Ethereum blockchain and will be available for purchase starting on June 7, 2023. The sale will be conducted through a Dutch auction, which means that the price will start high and will decrease over time until all of the NFTs have been sold.
Mercedes-Benz NXT is the automaker’s new division focused on Web3 and the metaverse. The division was created in response to the growing interest in these technologies from both consumers and businesses.
Fingerprints DAO is a DAO that is focused on collecting and curating digital art. The DAO has a community of over 10,000 members and has a collection of over 100,000 digital artworks.
The collaboration between Mercedes-Benz NXT and Fingerprints DAO is a sign that the automotive industry is increasingly embracing Web3 and the metaverse. As these technologies continue to grow in popularity, we can expect to see more automotive brands launch their own NFT collections and metaverse initiatives.
Here are some of the benefits of Mercedes-Benz entering the NFT market:
- Increased brand awareness. NFTs are a new and growing market, and Mercedes-Benz can use them to reach a new audience of consumers who are interested in NFTs.
- New revenue stream. NFTs can be a new source of revenue for Mercedes-Benz. The company can generate revenue by selling NFTs and by charging for access to exclusive events and experiences.
- Stay ahead of the competition. Other automotive brands, such as BMW and Audi, have already entered the NFT market. Mercedes-Benz can stay ahead of the competition by entering the market early.
It remains to be seen how successful Mercedes-Benz’s NFT collection will be. However, the collaboration with Fingerprints DAO is a sign that the automaker is serious about entering the NFT market.
“Maschine. Coming soon — a collection about velocity and perception,” the Fingerprints DAO website states. The project is supported by Mercedes-Benz NXT, the arm of the company dedicated to Web3.
Per last week’s Twitter thread, the team is now introducing “the first three core collections” of Mercedes-Benz NX. Core collections are official Mercedes-Benz digital objects planned, developed, and managed by the creative studio 0xNXT.
The first collection focuses on generative art, the second will include only a small number of company customers, and the third will revolve around design heritage.
Rules of the Game
‘Maschine’ will be available exclusively through Fingerprints DAO’s website, starting June 7.
The collection will be sold through a live Dutch auction, meaning that the price of NFTs will decrease until a buyer is found.
There is a limit to the number of NFTs a person can buy given that there is a total amount limit of $10,000 per wallet for the NFT sale.
“The specific quantity will depend on the latest price of the auction and the total quantity of NFTs still available for the sale,” the website said.
Those who want to participate in the auction must own a crypto wallet.
Furthermore, only those residing in 32 countries of the world can participate, most of which are in Europe. Others include Japan, Singapore, and the United States.
There will be gas fees associated with certain actions, such as bidding and claiming rebate.
Collectors will be entitled to a rebate if the price they paid for an NFT is higher than the final auction price. “At the end of the auction, buyers who paid more than the last sell price can claim a refund equal to the difference between their purchase price and the last sell price,” said the FAQ.
This process is done using the auction contract, and participants will be able to observe the amount of rebate they have pending as the price decreases during the auction. Therefore, they will be able to claim more NFTs for that committed ETH should they wish to do so, Fingerprints said.
Fingerprints DAO is an online community and platform for creating and collecting digital art, consisting of more than 250 members with a shared treasury and a decentralized governance model.