A California license plate with the letter “MM” is now available as an NFT. The NFT also includes a physical license plate. It costs slightly more than $24 million USD on Opensea. Because it is one in a million, the people selling it claim it is the “ultimate flex.”
Concerning the NFT License Plate
There are 35 million registered vehicles in the state of California. Each is eligible to receive a one-of-a-kind license plate for that specific vehicle. And there are only 35 license plates with two repeating letters. As a result, the “MM” plate is one in a million.
The sellers demonstrated the value of this license plate by displaying other examples of large sales. The most valuable plate currently for sale in the United States is ‘New York,’ which is listed for $20,000,000 in New York. Furthermore, the most valuable plate currently for sale in the world is ‘F1’ in the United Kingdom for approximately $48,000,000. This particular license plate was last sold for $14.3 million in 2009, and inflation and the addition of the NFT demonstrate how the value has increased.
This was made possible after the California DMV revised Form Reg17 in 2017, adding the option to “release interest (in a license plate configuration) to a new owner.” This made it possible for special plates to pass from owner to owner.
Because the smart contract is proof of authenticity and ownership inscribed in the Ethereum blockchain, the NFT adds value to the plate. The QR Code and ID number associated with the NFT token are also laser etched on the back of the license plate. The NFT is available for purchase through the website MMPlate.com.
The Near Future
Certainly, this is the first license plate ever known to have been transferred via NFT. The sellers also claim that “it is bound to disrupt the system and set a new standard in luxury and exclusivity.”
Many people will be able to buy, sell, and trade their license plates all over the world in the future. This will be accomplished through the use of the smart contracts involved in the sale of an NFT.
We’ve seen projects released in both physical and digital formats, such as some of Beeple’s work. NFT license plates could be the new future. Another important point is that the use of NFTs facilitates transaction processing.