Ferrari worth $2.5 million is now a Polygon NFT

Ferrari worth $2.5 million is now a Polygon NFT

Imagine you buy a sports car, like a Ferrari F40, or a lavishly expensive watch, like a $195,000 Rolex, but you aren’t ready to shoulder the responsibility of caring for either item. Altr, a company which aspires to become a hub for the buying and selling of luxury items authenticated on the Polygon blockchain with NFTs, believes it might have the answer. And with the sale of a Ferrari F40 for $2.5 million, the firm hopes to have demonstrated how such a high-priced transaction facilitated by Altr works. “All collectibles are safely stored and maintained by Altr’s Oracles in safe storage facilities until the NFT holder decides to redeem the physical collectible,” the company said in a statement. “The speed with which the car sold is a testament to the confidence that the community has in Altr and the technology on which it is built” said Davide Rovelli, who, according to the statement, is “one of Altr’s initial supporters.”. Altr, however, did not sell the Rolex to one buyer, but instead to a group of buyers. The company has introduced what it calls “fractionalized” ownership that entitles would-be collectors to a piece — essentially a share — of a luxury item. People who own a fraction of an item receive an NFT.