CarForCoin Launches Auction to Buy Real Cars through NFTs

BOCA RATON, Fla., Feb. 23, 2022 /PRNewswire/ -- "If people are paying $200,000 for a picture, wouldn't it be nice if they got a real exotic car with it too?" says Tom Hegedosh, Founder of the cash and crypto friendly car auction CarForCoin.com.

He's been watching the growth of premium priced NFTs, and figured out a way to tokenize the vehicles sold on his platform with the Ethereum blockchain and a dynamic QR code.

Every vehicle sold on Car For Coin is turned into a custom animated NFT, even if it was paid for in cash. Minting on the Opensea platform was cheap, but didn't put the digital collectibles into their own category in the digital wallet like Metamask and Opensea, so it was instead minted on a custom Ethereum contract instead.

The new owner then receives a QR code that attaches to the vehicle and displays the NFT on the phone when scanned. The QR code also has a function of verifying ownership when scanned. Even if the car buyer is not crypto savvy, they can still show the NFT to their friends. The current collection can be seen on opensea.io/collection/carforcoin.

There is a technical limitation with the NFT platform Opensea, is that it doesn't allow communication between the buyer and seller. Anyone that wants to buy the vehicle and NFT combination, should still contact Car For Coin to verify that the pair is still linked, and to request the most current pictures and mileage of the car.

Tom didn't stop at just tokenizing cars on the blockchain. Five percent equity of Car for Coin was already sold as an NFT and contract pair on January 19, 2022

It's interesting to see how the NFT industry is spilling out into people's garages, and by now, it's hard to deny that the $25 Billion digital collectible side of crypto is here to stay. 

SOURCE Car For Coin