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Ferrari to release crypto token to let wealthy fans take part in 499P auction
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. Another example of crypto’s foray into popular culture is when FTX took over the naming rights of the Miami Heat’s home arena. When the crypto exchange infamously collapsed in late 2022, so did the naming rights deal a few months later.
While previous partnerships between big brands and crypto have stumbled, Ferrari sees its latest crypto venture as a way to bring in a loyal customer base.
“This is about strengthening the sense of belonging among our most loyal customers,” chief marketing and commercial officer Enrico Galliera told Reuters.
