Pininfarina's Five Modulo NFTs Fail To Meet Reserve, Auction Extended
13 June 2022 - motor1
The NFTs feature the award-winning concept car in various digital settings, along with other assets including framed art.
Another automaker has entered the world of Non-Fungible Tokens (NFTs). Last month, Pininfarina announced it was auctioning five NFTs of the exquisite Modulo concept that debuted with Ferrari way back in 1970. Each one features the concept car in a different setting, but it seems demand isn't quite what Pininfarina was expecting. The auctions were supposed to end on May 26, but they've been extended because none met the reserve price.
What is the reserve? That's a question we cannot answer, as RM Sotheby's didn't mention it in an announcement regarding the extensions. We can tell you that, as of June 10, the highest bid among the five NFTs is $21,000. The lowest bid is $18,000, so the five auctions are trending at similar price levels. It's also unclear if there's a single bidder on all of them. The auctions will stay active through June 20.
As for the NFTs, Pininfarina collaborated with 10f1 to develop five artistic settings in which the Modulo digitally exists. Each one is themed with a specific decade, starting of course with the 1970s and running through 2020. Using original Modulo design sketches for inspiration, videos with original soundtracks place the concept car in unique environments. But the NFTs aren't limited to a video experience – original Modulo sketches and rare artwork are included, and in the real world, NFT buyers will get a host of VIP perks such as museum tours, meetings with Pininfarina designers, and framed physical art.
The Modulo concept wowed the world with its futuristic shape when it hit debuted in Geneva in 1970. Envisioned as a mid-engine V12 supercar, it traded doors for a canopy that slid forward, giving access to the cockpit. James Glickenhaus of SCG fame bought the concept in 2014 and spiffed it up for on-road driving duties, then it caught fire in 2019. No worries though, the damage wasn't extreme and it was rebuilt to its former glory in a matter of months.
Will Pininfarina's NFTs ultimately exceed their reserve prices? Barring further extensions, we'll know for sure when the auctions close on June 20.