Last week, luxury British car brand Bentley Motors announced the start of its foray into the NFT market. Bentley is joining several other automotive brands in the NFT world by releasing its own NFT collection on the Polygon network. Following the trail of many brands like Rolls-Royce, Hyundai, Lamborghini, Ferrari, Mercedes, and McLaren to Web3, Bentley is late, but does its engine have enough horsepower to overtake the first movers?
Things to know about Bentley’s NFT
According to a statement from Bentley, the NFT collection will consist of a total of 208 NFTs, which will be distributed on the carbon-neutral Polygon network this September. The number 208 has a special significance to Bentley as its fastest Grand Tourer’s (Continental GT Speed) top speed is 208mph. It also represents the total production run of the iconic R-Type Continental of 1952 – the car that inspired the modern Bentley design DNA.
The Genesis Bentley NFT will be a unique artwork created by Bentley Design. The NFT owners will have real-world perks, unique access to community activities and exclusive rewards.
Bentley, Polygon and the Web3
The Bentley NFT collection will be minted on Polygon, an Ethereum scaling platform, onboarding millions to Web3. Bentley has a strong reason behind choosing Polygon network. The network has recently attained carbon-neutral status and has pledged to go carbon negative by the end of 2022. As a result, the collection will be entirely carbon-neutral. Therefore the Polygon network was an essential factor for Bentley as the company has committed to achieving end-to-end carbon neutrality by 2030, the same year when all Bentley vehicles will be fully battery electric. Thus, it was important for Bentley to enter the NFT and web3 ecosystem sustainably.
Ryan Wyatt, CEO at Polygon, said, “Polygon is excited to expand our partnerships in the automobile industry, by working with the most prestigious brand in its sector. Polygon will provide the sustainable, low-fee infrastructure Bentley requires for its foray into Web3.” He added, “By embracing this novel tech, Bentley secures its position in the next iteration of the internet, and doing so via Polygon’s carbon-neutral network will assist the automaker on its journey toward attaining carbon-neutrality by 2030.”
Member of the Board for Sales and Marketing, Alain Favey, commented on Bentley’s genesis collection, “Bentley customers are living their lives online, purchasing luxury goods with digital currency, and establishing businesses in the Metaverse. We’ve always engaged with our customers in places where they like to be, and today that means being present in digital marketplaces and offering NFT assets. We’ve seen how NFTs have raised the profiles of both art and artist, and we believe the same can happen in the luxury automotive space.”
Bentley’s drop will support the company’s philanthropic efforts by funding students who have a a passion for engineering, design, and manufacturing.
Vrooming into NFTs
It might be a late start for Bentley to the NFT gig. However, the company expressed their interest in the web3 ecosystem as they are continuously exploring other digital avenues, including “NFCs (non-fungible chips), online gaming, Metaverse applications, and the use of blockchain technology across the organization.”
Car manufacturers are rushing into the NFT space, which is aiming to grow to least $240 billion by the decade’s end. Many automobile brands are using this NFT hype to expand their sector further. They often bundle NFTs with the purchase of a car. Others, tie NFTs to car servicing, since DLTs serve as a data storage that no one can tamper with.