Ferrari Introduces Digital Token for Exclusive Bidding on Iconic Le Mans Race Car

Ferrari to launch digital token to let fans bid on its Le Mans-winning race car

Ferrari is stepping into the cryptocurrency arena with an exciting initiative to launch a digital token. This token will enable its elite fans to bid on one of its most celebrated racing models, the Ferrari 499P, which has triumphed in Le Mans.

In collaboration with fintech firm Conio, Ferrari will introduce the "Token Ferrari 499P," targeting members of its exclusive Hyperclub—a private group of 100 dedicated fans of endurance racing, as reported by Reuters on Saturday.

Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, expressed that this initiative is designed to enhance the feeling of community among the brand's most loyal customers.

Token holders will have the opportunity to trade with one another and take part in exclusive auctions, including one for the coveted 499P. This initiative is scheduled to launch in conjunction with the 2027 World Endurance Championship season.

Ferrari 499P. Source: Wikimedia

Related: Tokenizing car reservations could open a trillion-dollar market.

Ferrari Embraces Cryptocurrency

Ferrari has already shown a willingness to embrace cryptocurrency. In 2023, the company started accepting Bitcoin, Ether, and USDC as payment for car purchases in the United States, eventually expanding this offering to Europe.

Interestingly, Ferrari’s crypto payment platform does not obligate dealers to handle cryptocurrencies directly. Instead, customers' cryptocurrencies are seamlessly converted into fiat currencies and deposited into bank accounts.

As Conio seeks to obtain a license under the EU’s Markets in Crypto-Assets (MiCA) regulation, the firm views this project as a landmark achievement in the realm of luxury tokenization. Davide Rallo, Conio's Chief Fintech Strategist, stated, “The potential for development is enormous.”

Related: How to buy a car with Bitcoin (BTC) in 2025.

Surge in Crypto Millionaires

Ferrari's strategy comes against the backdrop of a significant increase in the number of crypto millionaires, which rose by 40% over the past year, bringing the total to 241,700. This surge has been fueled by the rally in Bitcoin values and a broader market uptrend that pushed the total crypto market capitalization beyond $3.3 trillion by mid-2022.

The number of individuals holding more than $100 million in cryptocurrency increased by 38% to 450, while the number of crypto billionaires grew by 29% to reach 36 this year.

Related: Back to Ethereum — How Synthetix, Ronin and Celo saw the light.

Key Takeaways

Ferrari is launching the "Token Ferrari 499P" for exclusive bidding on its Le Mans-winning car.
This digital token will be available only to members of Ferrari's elite Hyperclub.
Ferrari previously accepted cryptocurrencies for car purchases but automates the conversion process for dealers.
There has been a 40% increase in crypto millionaires in the past year, indicating rising interest in digital assets.

This summary of Ferrari’s latest venture into cryptocurrency highlights the growing intersection of luxury brands and blockchain technology.