If you follow the trends in the crypto industry, chances are you’ve already heard of NFTs. In case you haven’t, let’s begin with a brief review of what NFTs are. A non-fungible token (NFT) is a token created and managed on a blockchain. Anything unique which can be saved digitally and has value can be tokenised and then later bought or sold online using cryptocurrency,
Realising the potential of a high return on investment, many industries have invested in NFTs and the automotive industry hasn’t stayed behind. NFT Garage, a Metaverse company, lets you tokenise real cars and have them as a non-fungible token.
In this guide, we will discuss NFT Garage in detail.
Tokenising Your Car and Getting the NFT Garage Card
Interested in tokenising your car and having it as an NFT? Here’s how you can tokenise your car and get the NFT Garage Card from the NFT Garage. All you have to do is take a picture of your vehicle and send it to the NFT Garage. To capture perfect photos of vehicles, take a look at these car photography tips.
The next step is to get your NFT Garage Card. Here’s a step-by-step guide on how to collect your NFT Garage Card:
- Using a cryptocurrency exchange service such as Coinbase or Binance, buy cryptocurrencies with funds from your bank account or credit card.
- Transfer the coins from your account to NFT Garage’s wallet.
- As soon as your transfer is received, the NFT Garage card will be sent to your Metamask wallet.
Note that when you receive cards from NFT Garage, they are not automatically visible in the NFT Metamask list. You can import them by clicking the Import NFTs link and filling out the fields with the collection address and the ID Card.
NFT Garage — Levels of Rarity
Rarity is one of the important factors when investing in NFTs. NFT Garage offers a total of four rarity levels: Normal, Rare, Unique and Special.
The criteria to mint these 4 levels is as follows:
- Normal – one of hundred of each car
- Rare – one of ten of each car
- Unique – one of one of each car
- Special – custom for each car
What Else Can You Do on NFT Garage
NFT Garage allows you to:
- Become a part of the NFT Garage Team to become an official auto dealer and start earning profits.
- Compete in events. Get bonuses, win new cards, and make money through racing and completing challenges.
- Make your own collection by purchasing normal, rare, special or unique cards. You can let it appreciate in value and then sell it at a higher value on the NFT Garage market. The dealer agreement begins with purchasing the Starter pack at Level 1. To get to Dealer Level 2, you must purchase the Starter Pack Level 1 plus three packs. To get to Dealer Level 3, you must purchase the Starter Pack Level 2 plus three packs of Level 2.
Essential Things to Consider Before Investing in Car NFTs
The idea of making money via NFTs is undoubtedly tempting, but you need to keep in mind that haste makes waste! Before investing in NFTs, make sure that you do some research and learn the basics of digital trading, including NFT and crypto trading. Also, bear in mind that having the blockchain’s currency Ether (ETH) instead of fiat money such as AED or USD is required to acquire an NFT because NFT purchases take place on the Ethereum platform.
This concludes our guide to NFT Garage – an NFT marketplace for cars. If you have any enquiry about the NFT Garage, you can visit their website at nftgarage.org or send an email to info@nftgarage.org
If you are looking to buy a tokenised car, you can visit the NFT Garage store. However, if you are looking to buy a car to drive on the streets, browse through this collection of used cars for sale in the UAE.
To keep up with all that’s happening in the automotive industry, stay tuned to UAE’s leading auto blog.
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