- Mercedes-Benz prepares to launch a comprehensive NFT (Non-Fungible Token) collection called “NXT Icons,” in partnership with creative agency Omnicom.
- The collection will feature 18,860 NFTs distributed across seven different eras, commencing with the “Era of Luxury,” and employs a rebate Dutch auction mechanism for sales.
Navigating the Blockchain Highway: The Mechanics of Mercedes-Benz’s NXT Icons
Mercedes-Benz is shifting gears into the blockchain world with a robust new NFT collection, termed “NXT Icons.” While the German automotive titan is no stranger to the decentralized realm of web3, this latest move signifies a pivotal part of its long-term blockchain strategy.
The Auction House of the Digital Age: Understanding Rebate Dutch Auctions
To sidestep the pitfalls that befell other luxury brands in the NFT space—like Porsche, which failed to sell two-thirds of its NFTs—Mercedes-Benz is employing a rebate Dutch auction for the initial release. Unlike a traditional auction where bids escalate, a Dutch auction starts at a high price and drops over time. The twist here, facilitated by blockchain’s transparent and immutable nature, is that collectors pay their initial bid but can claim a rebate if the final auction price ends up lower. The mechanism begins with bids opening at 1 ETH (approximately $1,700) and will decrease in increments until all NFTs are sold or the price reaches a minimum of 0.1 ETH ($170).
The NXT Icons collection will consist of 18,860 NFTs, segmented into seven different eras. The first era to hit the blockchain will be the “Era of Luxury,” boasting 2,694 individual collectibles. Each token features iconic Mercedes-Benz car models with customized traits. These tokens serve as purely digital memorabilia, intended for the joy of collecting rather than any future monetary gains, according to the brand’s official communications.
This new initiative isn’t an isolated endeavor; it’s part of a broader Mercedes-Benz blockchain strategy. The brand has even established a dedicated subsidiary, Mercedes-Benz NXT, and its creative partner Omnicom has set up the OxNXT studio. The dual commitment underscores the significance both entities see in carving out a digital brand identity to captivate new customer demographics.
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Mercedes-Benz has been steadily bolstering its blockchain ventures in recent months. Besides NXT Icons, the brand had previously released another NFT collection called “Eternities,” aimed at VIP customers and featuring a near-field communication (NFC) hardware wallet. There’s also a digital art series known as “Maschine,” inspired by wheel spokes.
Furthermore, Mercedes-Benz F1 had a sponsorship with the now-bankrupt FTX crypto exchange, and the brand is a member of the AURA luxury blockchain consortium, focusing on product traceability. The carmaker’s parent company, Daimler South East Asia, even introduced the Acentrik blockchain platform earlier this year, designed to facilitate data sharing for artificial intelligence and machine learning applications.
Mercedes-Benz’s blockchain escapade with NXT Icons aims not only to redefine the brand-customer interaction but also to solidify its position in the evolving blockchain landscape.
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