You could just buy a Ferrari, but many people do, so instead of spending your money on something useful, you could buy an extremely rare license plate - yes, you read that correctly, a plate with the letters "MM" issued in the state of California, for $24.3 million.
Yes, the people behind the sale are calling it "The Ultimate Flex," and as part of the deal, you get a matching NFT (Non Fungible Token) to go along with your purchase.
California has approximately 35 million registered vehicles, each of which is eligible for a unique license plate imprinted with two to seven characters. The two-character plates are the most exclusive because two-character repeating designations like "MM" are obviously scarce.
There is even a website dedicated to the "MM" plate. The "MM" is one of only 35 two-letter plates, making it "one in a million" and thus valuable to someone with money to burn.
As if it matters, whoever pays the money can affix the plate to the back of their car. Because of a recent change to California's Special Interest License Plate Application, the DMV now includes the option to "release interest to a new owner," which means it can be resold for reuse on any vehicle.
If you have a little spare cash, you can purchase the "MM" license plate on OpenSea, a digital art auction site, for $24.3 million. But, hey, the license plate comes with a matching non-fungible token, so that seems reasonable. The license plate and accompanying digital artwork are described as "unique" as part of the pitch.
The NFT adds to the authenticity of your wise purchase by including a QR code and ID number on the back of the plate.
"License plates, like NFTs, are exclusive by nature, always one of one," according to the listing. "The combination of these two rarities was unavoidable. This minting has a provenance, and it hopes to inspire an entire community to rally around an aftermarket for buying (and) selling desirable license plate configurations."
If someone actually pays for the "MM" plate, they will have the world's most expensive license plate. Their purchase will also outstrip the cost of the current titleholder, an Abu Dhabi-issued plate bearing the number "1."
In 2009, that plate was auctioned off for $14.3 million. The most expensive U.S. plate was issued in Delaware and was marked with the number "11," and it sold in 2008 for a pittance of $675,000.
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