Hyundai To Become the First Automaker To Enter the NFT Market

Key Insights:

• Hyundai will be partnering with the Meta Kongz NFT brand.
• The carmaker will also establish an NFT community using social media like Twitter and Discord.
• The “Metamobility” concept was revealed at the CES 2022.

As the NFT and Metaverse space goes, it is no surprise that everyone wants to be a part of it, and the latest to join it is an entity from an entirely different industry than any other.

Hyundai Motor, one of the ten biggest car manufacturing companies, has announced its decision to enter the world of NFT in quite some creative ways.

Hyundai and NFTs

The company will be joining hands with the ‘Meta Kongz’ NFT brand to create its own set of NFTs and a concept film. In pursuit of uniqueness, Hyundai released a short film introducing the Hyundai NFT universe concept ‘Metamobility Universe.’

The film is a gateway for the company to showcase its Metamobility Concept, which was revealed at the CES (Consumer Electronics Show) 2022.

In line with the announcement, the Global Chief Marketing Officer and Head of Customer Experience Division of Hyundai Motor, Thomas Schemera, said,

“The Hyundai NFT Universe will extend the Hyundai brand experience, especially with MZ generation, in a completely new way, further reinforcing our commitment to innovation in both the real world and in the metaverse. We are extremely excited to introduce ‘Metamobility’ through our own NFTs and start this journey with ‘Meta Kongz.”

The company is set to establish its NFT community by setting up a dedicated Hyundai NFT website and social channels on Discord and Twitter.

Furthermore, on April 20, Hyundai is also going to issue 30 limited edition ‘Hyundai x Meta Kongz’ NFTs to commemorate the release of the concept film. The team intends on further expanding Hyundai’s NFT Universe this year.

The Rise of NFTs?

The market has seen the arrival of myriads of new NFT collections this year, and it continues to rise as companies continue to enter this space with some partnership or other.

But while they look at this as an opportunity to grow, the question is if this space itself is growing, or are we seeing the NFT bubble burst?

Looking at the data from Ethereum’s NFT marketplace Opensea, over the last few days, the volume has been rising. Some decline was noticed around last week, but sales are improving. But these sales will need to increase significantly more to reach their peak of $4.9 billion ever again.

Maybe the bubble is not bursting, but the monthly decline in trading volume and sales hints toward decreased interest.