CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Green flag raised as GT team launches first motorsports NFT

By Carine Lee

04:36, 6 July 2022

Green Lamborghini Aventador on the sidewalk
Green Lamborghini Aventador on the sidewalk in Vietnam – Photo: Shutterstock

Lamborghini has launched a product that not even Jordan Belfort of Wolf of Wall Street fame can crash and it is starting the engine on the first NFT project in the motorsports world.

Go2NFT, Vincenzo Sospiri Racing, a multi-Championship winning GT team has partnered with Lamborghini Squadra Corse to launch an official NFT certification program.

The initiative will enable the team to test Go2NFT’s tech to certify racing car parts for authentication and auditability.

While the Ethereum (ETH) blockchain is the go to choice for NFT launches, with MATIC, AVAX and SOL also mainstream chains this latest project is taking a different route.

ETH to US dollar

Go2NFT is the corporate platform for the Skey Network project which combines the Internet of Things with blockchain and NFT to create what it terms the “Blockchain of Things”.

What is your sentiment on ETH/USD?

3339.72
Bullish
or
Bearish
Vote to see Traders sentiment!

Proprietary blockchain technology

Critically, this will be powered by its proprietary blockchain technology, a trend which another European firm recently told Capital.com was a rising trend across the crypto sector. 

DOGE/USD

0.13 Price
-1.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.62 Price
+2.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,339.72 Price
-4.230% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

179.15 Price
+2.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

While gas fees are an issue for ETH chains like MATIC and SOL may not have the throughput needed for certain projects.

MATIC to US dollar

Skey Network’s tech has multiple uses from fire and rescue services in major cities to enabling access to secure buildings and housing developments and other smart city projects.

Protecting the ‘superbrands’

And now, the platform now enables brands to utilize NFT technology easily to create their own NFT certification.

“We are excited to pilot with Go2NFT and the renowned team at Skey Network to build NFT certification across our cars and other products to ensure we maintain the very highest standards of quality and control,” said Sospiri.

Go2NFT chief business officer, Boris Ejsymont, said: “We know that provenance, accountability and quality control are key challenges for superbrands wanting to protect their IP and we believe that NFT utility can help create more trust and transparency for brands and their fans.”

Markets in this article

ETH/USD
Ethereum / USD
3339.72 USD
-147.31 -4.230%
MATIC/USD
MATIC/USD
0.54068 USD
-0.01579 -2.950%
AVAX/USD
Avalanche / USD
29.0586 USD
-1.3198 -4.390%
SOL/USD
Solana / USD
179.1537 USD
4.1858 +2.410%

Rate this article

Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading