Hyundai, one of the world’s largest automakers, announces a new collection of non-fungible tokens (NFTs).
The collection, called “Hyundai x NFT,” will feature 10 virtual vehicles that one can purchase using cryptocurrency.
Hyundai teams up with the Meta Kongz NFT project to create a series of 30 NFTs, according to a press release.
It’ll be available sometime in May, Coin Journal notes in a news release.
The South Korean auto maker posts a video showing an animated Meta Kong riding through space; in a 1975 Hyundai PONY and creates a new Twitter handle for its NFT-related communications.
The debut includes a teaser for a future “Shooting Star NFT,” which can be liken to a “ticket to a whole new world.” More NFTs are conceivable.
Hyundai unveils its “Metamobility” concept in January, a proposal for robotics as a bridge between the Metaverse and the real world.
Users’ modifications to the Metaverse will reflect real life values after implementation.
Allowing “people to break through physical restrictions of movement in time and space.”
“With the metaverse destined to become a regular location for individuals in the future; the company expects a new kind of metaverse platform that would blur the line between reality and virtuality, breaking away from current VR thinking.”
In January, Microsoft acquires Activision Blizzard for $69 billion, which publishes games such as Call of Duty. The company conducts a survey among players of its games.
The survey asked players if they would be willing; to receive “exclusive in-game items that you cannot trade or sell” in exchange for viewing “advertisements or videos.”
At the time of the aforementioned acquisition, Microsoft CEO and chairman Satya Nadella claims that it would provide building blocks for the Metaverse.
Noting that gaming would be a significant factor in metaverse platform’s development and progress.
Hyundai’s move into the NFT space comes as the South Korean government is cracking down on cryptocurrency trading.
The government has proposed a ban on cryptocurrency exchanges, and has also imposed new taxes on cryptocurrency trading.
In addition, a blockchain services firm called HashCash Consultants teams up with an as-yet-unnamed firm from the United Kingdom to produce NFTs; which include health data. Raj Chowdhury, the CEO of HashCash Consultants, says: “
“If your genetic data were turned into NFTs, it would be linked with an inherent characteristic for tracking.
Allowing you to follow where your information ends up and find out who owns the NFT and to know if there is a misuse.
This would represent a significant step toward data privacy.”
The Hyundai-Kia group isn’t the first major company to experiment with NFTs.
In February, social media platform Twitter (TWTR) CEO Jack Dorsey sold his first tweet as an NFT for $2.9 million.
Hyundai’s move comes as South Korea’s government has been cracking down on cryptocurrency trading.
The country has banned anonymous cryptocurrency accounts and requires real-name registration for crypto xchanges; and has also imposed new taxes on cryptocurrency trading.
“The application of NFTs in the healthcare sector can be game-changing; as it provides a new way to store and share medical records securely.
It also gives patients the ownership of their data, which is a fundamental right.”
NFTs have been gaining traction in the gaming world, with popular games such as Fortnite; and NBA Top Shot allowing players to buy, sell, and trade digital collectibles.
Hyundai’s move into the space could help to legitimize NFTs and encourage wider adoption.
To be or not to be, please let us have your opinion!