Mysterious NFT Whale Just Dropped $100K On Fake Cars

A Mysterious NFT whale under the pseudonym Metakovan just dropped $111,111 on a virtual car add-on for a blockchain game and we are trying to understand why in our blockchain latest news.

Back in 2019, the bidder paid $100K for a virtual race car called the “1-1-1.” Earlier this week, he half-revealed himself by adding the pseudonym Metakovan. He purchased the car last May for more than $100K at a public auction as a playable item in the blockchain-based video game named F1 Delta Time. The purchase was a big deal in the blockchain world and the world of gaming so people started to ask questions about who would spend this kind of money on a virtual car.

There is no ‘overpriced art’. You need to know if you’re the right collector for that piece. If it feels like a steal, you deserve to own it. If you feel like you overpaid or paid the right price, flip it now. Art is alive. Love it every day, or it withers, and you die.

— Metapurse.eth (@metapurse) November 4, 2020

According to the website showing his portfolio, the mysterious NFT whale, Metakovan is a major investor in NFTs or non-fungible tokens. these are the items on the blockchain which cannot be reproduced and so have value as collectibles.  Metakovan explained on why he would spend that much money on a virtual car:

 “Think about it. This car is the first of its kind, and indestructible. There’s something special about that ‘first’ car. Like being able to own the first ever Ford Model A. The difference here is we’re talking about the first in-game, official F1 car. I believe that this is one of the best collectibles ever. The kind that would pay for itself over and again.”

He continued to say that he doesn’t really care whether the value will decrease or increase in the future but that you have to look at these things as art. According to him, there’s an inherent value for the collector which goes beyond the question of money:

 “For a very long time, I don’t intend to give it away. I will hold on to it for as long as I can. However, this is a non-fungible token, which means it, or more importantly its story, can’t be replicated.”

"The Tribe", an intricate piece with 29 layers and countless possibilities.

Thanks @muratpak for an incredible job on this piece. https://t.co/dmoD8QT88w https://t.co/3yBGNAlVVW pic.twitter.com/VogNBOc9ib

— MetaKovan (@MetaKovan) April 18, 2020

The car however is not just a “showpiece.” It has the potential to earn real money in the F1 Delta Time races on the blockchain because the racers in the game are awarded certain amounts of ETH coins each week. Metakovan also explained that he hasn’t actually used the car yet but that if he does decide to start racing, the car stats will get him a head start. Most NFT investors are not buying into individual assets but they buy into the broader concept of the digital layer that sits on top of the real world and can be accessed via reality apps and VR hardware. Virtual communities like Sandbox and Decentraland are dedicated to this sector and act as a hub for purchased NFTs.