A $12 million yacht NFT was minted and sold via Opensea on the Ethereum blockchain to a Texas businessman, the world’s first NFT yacht sale.
The unnamed Texan businessman will also receive a real-life Yacht to be built over the next 36 months in Canada by companies Tactical Custom Boats and Cloud Yachts.io. The businessman stated:
We like the idea of pioneering a new process. The NFT could prove useful in ways I had never imagined – like having all the data from my vessel at my fingertips. It will be a real adventure.
Building of the luxury superyacht will be overseen by award-winning naval architect Gregory C Marshall. It’s his first time working with non-fungible tokens:
Everyone is still trying to figure out how the process will work. In fact, the initial crypto payment went to the wrong payee. We had it sorted out in an hour and had a good laugh about it. But we all recognize that mistakes will be made during the process.
Once completed Cloud Yachts will also mint a second NFT for the owner. Its metadata will contain all the characteristics and information any sailor of that Yacht would need to take it out to sea.
Most Expensive NFT ever?
Since it does come with an actual boat this sale doesn’t technically qualify for our list of the top 10 most expensive NFTs of all time.
That’s still reserved for various artworks by NFT artists like Pak, Beeple (his First 5000 Days NFT sold for $69.3 million at Christie’s) and some of the rarest CryptoPunks.
Several other yacht NFTs are being marketed at worldwide yachting destinations such as the Palm Beach International Boat Show, so this NFT yacht sale may also be beaten in size soon.
While this was a world first in terms of the buyer also receiving a superyacht as a real-life counterpart, there have been NFT yacht sales where no physical yacht exists or will ever be built.
The Metaflower Super Mega Yacht was sold for 149 ETH (worth $650,000 at the time) In November 2021.
That’s a 3D virtual yacht in The Sandbox, the most expensive digital asset in that metaverse.
Cryptoassets are a highly volatile unregulated investment product.