Since its introduction in 2008, blockchain technology has brought new use cases that the world previously couldn’t imagine. It is responsible for cryptocurrencies that are reshaping the financial industry, and non-fungible tokens (NFTs), digital certificates of ownership that are changing the way people interact with, use and own digital items.
An NFT is a unique digital asset created to represent the ownership of real-world items like art, video clips, music, and in this case, cars. While NFTs started off as digital collectibles in games, they have been applied to many unique offerings, most notably in gaming and trading cards in 2021.
The Crypto Motors platform marries these gaming and trading card niches, and throws in virtual horsepower to bring the excitement of automobile collection to the blockchain. With Crypto Motors, users can come up with imaginative motor designs, which can be published in 3D models as digital collectibles, or eventually turned into real-life motors.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is Crypto Motors?
Crypto Motors is the first digital automaker powered by the Ethereum blockchain. The platform allows users to create 3D digital vehicles (CryptoMotors). These 3D collectibles are created by professional automotive designers, who are responsible for creating the looks and functions of the 3D cars.
The Crypto Motors platform brings out the potential automobile designer in everyone. With this unique application of blockchain technology, users can produce unique cars completely different from every other. In addition, you can buy the complete 3D design, upgrade the cars into new prototypes, and sell them off at the NFT marketplace as some auto designers would.
CryptoMotors use Ethereum’s ERC-721 tokens, the standard required to build non-fungible tokens (NFTs). Because they are NFTs, every vehicle created is unique and cannot be replicated, destroyed or taken away because each is recorded on the Ethereum blockchain. As a result, individuals can directly purchase them and have complete and direct control over their digital goods.
You can buy and hold to enjoy some benefits attached to it, and can also sell it. Interestingly, a unique benefit of CryptoMotors is their compatibility with GameFi. The cars can be used to compete in various 2D, 3D and VR games. In addition, they can also be upgraded to create new prototypes.
Platforms of Crypto Motors
There are 3 different platforms where you can have access to CryptoMotors which are:
Studio: This is the place where a vehicle is developed and the users can follow the processes of its making.
Garage: This is the place where users can store and interact with any of the vehicles bought.
Marketplace: This is where sales, resales and orders of vehicles are carried out.
Where can I buy CryptoMotors?
There is a limited number of CryptoMotors for every model created on the platform, adding rarity to the already unique automobile collectibles. There are tons of marketplaces where people can mint, buy and sell digital collectibles, including CryptoMotors.
It is easy to buy a CryptoMotor because there are now so many marketplaces to get NFTs. Here are some of the most reputable marketplaces where you can buy CryptoMotors:
OpenSea: One of the most used NFT markets where users can exchange cryptocurrency assets like Ethereum for non-fungible tokens. This is the market place where you can always get CryptoMotors.
Rarible: This is also a popular marketplace to get NFTs, and it allows peer-to-peer transactions because it does not make use of any middlemen. Rarible has a sizable collection of rare cars, including some you would need to place bids on.
Crypto.com: This is a marketplace where you can scan through thousands of NFTs and make purchases at a click.
There are many more other marketplaces where you can get CryptoMotors. In addition, because CryptoMotors are sold on Ethereum-based NFT marketplaces, you would need an Ethereum address to buy a CryptoMotor.
What are sports NFTs?
Sports NFTs are digital collectibles and trading cards of your favourite players in any sport you can imagine. It just simply means converting what is of value to a person in the sports world to a token that has proven ownership and is accredited to you. Several collectibles in the sports world can be tokenised or brought on-chain to NFTs which are: sports kit, trading cards, memorabilia, and video clips.
What makes CryptoMotors unique?
Each CryptoMotor is a non-fungible token
CryptoMotors are special because they are each one of a kind and can serve various purposes for the owner. Due to the uniqueness of each vehicle, the Crypto Motors community has set up a game platform where players can test the functionality of created vehicles and also compete with other vehicle users.
Stats system
Each car has its range of possible values in the following 7 stat categories:
Speed
Acceleration
Handling
Grip
Braking
Cooldown
Generation
All these differentiate one from another. One car can’t have the same number of values in each category as another. 1 or 2 out of the 7 categories would be different, making it unique.
Design challenges
Crypto Motors plans to offer design challenges, where users design a car. Players get rewards for participating in the challenge, and if their design is chosen a reward is given to the designer. This can be a percentage of the direct sales generated by the vehicle, a crypto vehicle created as a result of the project, or special packages and more.
CryptoMotors physical manufacturing
What makes investing in CryptoMotors even more unique is the fact that every car could be physically prototyped or manufactured. If that happens, and units are sold, the company will give back 10% of the earnings to the community of holders of that car’s NFT.
Crypto Motors market
The Market is the place where sales, resales and orders of vehicles are made. Prices are in ETH. There are 2 categories:
Studio: This is where new cars come directly from the design studio to the marketplace. The stats of a studio car are hidden until the user purchases it.
Sale: The peer to peer marketplace where users can trade their vehicles with each other. Crypto Motors takes a 3.75% fee for sales on its marketplace.
Tuning the cars
A variety of unique customisations are available for CryptoMotors vehicles. Colour, rims, tires, spoilers, decals and more variations are presented as aftermarket options. The stats of the vehicle are adjusted depending on the new modification. This gives absolute control to the users wishing to race their cars with a unique strategy.
Does Crypto Motors have an associated token?
No, Crypto Motors does not have an associated token. There are no plans for the company to release any crypto assets other than the NFTs according to the whitepaper. Players are rewarded with parts, decals and other items upon completing races rather than receiving cryptocurrency.
Crypto Motors frequently asked questions
You can purchase your first car directly from Crypto Motors, or from users on the Crypto Motors marketplace. Alternatively, you can buy cars from third-party marketplaces like OpenSea and Rarible.
All CryptoMotors can be tuned or upgraded before any race. To tune a car, users will need to buy new parts to improve the performance of the car.
Winners of racing tournaments are rewarded with cryptocurrency. In addition, if a vehicle features in any game, movie, or is being produced by some automobile company, users get a percentage of the total earnings generated from the vehicle.
The Crypto Motors platform has a leaderboard that displays the performance results and positions of players on different tracks. It records the ranking, username, total races, wins and CMR score, helping to incentivise players to race as much as possible.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Werner Vermaak is a technical writer and blockchain consultant with an extensive 20-year marketing resume across Taiwan, the UK and South Africa. He came across Bitcoin and cryptocurrency in Taiwan during mid-2017 and has worked with several companies and projects in the areas of crypto security, regulations, custody and new fields such as DeFi, NFTs and Web 3.0 since. Werner has a business degree from Stellenbosch University and postgraduate qualifications in strategic marketing from the AAA School of Advertising. Werner enjoys geeking out on new technology and pondering the mass adoption of digital assets.
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