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Another automaker has entered the world of Non-Fungible Tokens (NFTs). Last month, Pininfarina announced it would be auctioning five NFTs of the beautiful Modulo concept that made its debut with Ferrari in 1970. Each featured the concept car in a different setting, but it seems that demand was not quite what Pininfarina had hoped for. The auction was supposed to end on May 26, but was eventually extended as nothing met the reserve price.
What is a backup? That is a question we cannot answer, as RM Sotheby’s did not mention it in the announcement regarding the extension. We can tell you that, as of June 10, the highest bid among the five NFTs was $21,000. The lowest bid was $18,000, so five auctions are trending at the same price level. It is also unclear whether there is one antidote to all of them. The auction will remain active until June 20.
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As for NFT, Pininfarina collaborated with 10f1 to develop five artistic settings in which Modulo exists digitally. Each is themed with a specific decade, of course starting with the 1970s and running through 2020. Using original Modulo design sketches for inspiration, the video with the original soundtrack places the concept car in a unique setting. But NFT isn’t limited to video experiences – original Modulo sketches and rare artwork are included, and in the real world, NFT buyers will get a number of VIP perks such as museum tours, meetings with Pininfarina designers, and framed physical art.
The Modulo concept wowed the world with its futuristic shape when it was first unveiled in Geneva in 1970. Envisioned as a mid-engined V12 supercar, it swapped the doors for a canopy that slides forward, giving access to the cockpit. James Glickenhaus of famed SCG bought the concept in 2014 and perfected it for highway driving duties, then caught fire in 2019. Don’t worry though, the damage isn’t extreme and it’s rebuilt to its former glory in minutes. month.
Will Pininfarina’s NFT eventually exceed its reserve price? Except for further extensions, we’ll know for sure when the auction closes on June 20th.
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