Tradition & Vision: Why Porsche Offered a Freehand Sketch in an NFT Auction for the Very First Time
For the first time, Porsche has auctioned off a digital work of art for a good cause together with its partner Fanzone via the online platform SuperRare. For art lovers and enthusiastic collectors, non-fungible tokens (NFTs) are the link between tradition and digital modernity — just as the ‘Tradition & Vision’ design sketch by exterior chief designer Peter Varga. His freehand sketch was auctioned off for around $90,000.
The value of a work of art for enthusiasts or collectors is created by its uniqueness — and by the story linked to the piece. The Porsche 917 K from the early 1970s would adorn any car collection anyway, with less than 50 cars produced. However, collectors are particularly enthralled by the model that was the first to race across the finish line in Steve McQueen’s 1971 classic film ‘Le Mans’.
Porsche enthusiasts are often particularly passionate collectors. And like Porsche itself, they’re pioneers who combine tradition and innovation. This was also reflected in the enthusiasm for Porsche’s NFT auction in August 2021. For the first time, we auctioned an exclusive hand-drawn design sketch by our Director of Exterior Design Peter Varga. The unique drawing was offered in both a digital and a physical version.
Porsche has been working a long time on new ideas for digital collectables
Not only does the auction connect the past and future, but also the artwork itself. With the name ‘Tradition & Vision’, the lines, silhouettes and proportions of the work of art represent the unique Porsche design DNA. It combines the Taycan Cross Turismo with the 911, and thus the design language of our most iconic sports car with that of the youngest member of the model range. His goal was to conserve Porsche’s design language while at the same time reinterpreting it. Hence, it was the perfect work of art for us. We were not only able to show Porsche collectors a new way to live out their passion, but also make our brand tangible for a new generation.
The first ideas about what collectables are worth emerged at Porsche several years ago. In the digital age, the uniqueness of artworks has long been a problem. Data files can be copied, shared, and changed by millions of people in a matter of seconds. Non-fungible tokens (NFTs) solve this problem. The information of the buyer of a digital work is stored using blockchain technology, where a non-manipulable certificate is created that uniquely assigns the virtual property to a person.
Thanks to the know-how at Porsche and Fanzone, it took only a few months to go from the idea to the auction
NFTs have been rapidly changing the art world. New digital artworks and new marketplaces for digital art are emerging at a rapid pace. Ultimately, any file can become art with the help of technology. Porsche was at the forefront of digitalizing classic collector markets, shown by the company spin-off Fanzone by Porsche Digital’s company builder Forward31. The start-up offers an online marketplace for trading cards, where sports fans can collect and exchange digital trading cards of their favorite players. NFTs guarantee the rarity and identity of collectables and thanks to verifiable ownership, fans can benefit from value increases, for example, for limited editions. Fanzone’s first partner is the German Football Association.
That’s why Fanzone was also involved as a partner in the Porsche NFT auction of Peter Varga’s work, joining forces with colleagues throughout the Porsche Cosmos like Timm Lösing from Porsche Digital and Sandra Mayer-Denzel, Porsche Deutschland. The initial idea was born in spring this year — and was implemented in just a few months thanks to the existing know-how at Porsche. Once it was decided that the unique design sketch would be the first Porsche NFT, the team still had to decide on an auction platform. SuperRare became the chosen partner as a known player in the worldwide sale of exclusive and unique digital artwork.
All proceeds of the auction benefitted Viva con Agua
The story of the first auction of a Porsche NFT ended with a bid of 30.25 Ethereum on August 6 at exactly 11:19 p.m. and 55 seconds. It raised about $90,000, which was donated to Viva con Agua. The non-profit organization campaigns for access to clean and drinkable water, sanitation and hygiene.
Will Peter Varga’s sketch eventually be as popular among collectors as the original Porsche 917 K from the movie ‘Le Mans’? Maybe, maybe not — but the fact that it’ll remain the first auctioned digital Porsche artwork makes it something very special and unique.
About this publication: Where innovation meets tradition. There’s more to Porsche than sports cars — we’re tackling new challenges, develop digital products and think digital with a focus on the customer. On our Medium blog, we tell these stories. It’s about our #nextvisions, smart technologies and the people that drive our digital journey. Please follow us on Twitter (Porsche Digital, Next Visions), Instagram (Porsche Digital, Next Visions, Porsche Newsroom) and LinkedIn (Porsche AG, Porsche Digital) for more.
