Porsche has drifted into NFT market through subsidiary Forward 31
German sports car company Porsche has entered into the non fungible token (NFT) market.
With an announcement on June 14, Porsche revealed the launch of an NFT collectible startup dubbed Fanzone.
The car manufacturer will not be looking to tokenize its luxury vehicles at this stage but instead, it is choosing soccer-themed NFT collectibles.
The NFTs will be ERC-20 tokens issued via the Lukso blockchain, founded by a former Ethereum developer and creator of the ERC-20 and ERC-725 token standards, Fabian Vogelsteller.
Fanzone, built from Porsche’s digital subsidiary Forward 31, has already collaborated with the German national men’s, women’s, under 21 football teams and also has a deal with the third tier of Germany's local professional league. It further intends to expand support to additional soccer leagues and other sporting codes in near future.
“NFTs guarantee the rarity and identity of collectibles. Thanks to verifiable ownership, fans can benefit from value increases, for example, for limited editions,” the announcement stated.
The firm also emphasized its concerns regarding the ecological footprint of the NFT sector, stating it will donate part of Fanzone’s transaction costs to “sustainable sports and environmental projects.”
Fanzone added that all of its employees currently travel to work using “emission-free” methods.