The startup Crypto CurioInvest is selling tokens for a rare supercar valued at $ 1,1 million. The tokens represent a limited edition Ferrari F12 TDF 2015, a supercar that was valued at around $ 2016 in 450.000, but was auctioned in Los Angeles for over $ 1,5 million just eight months later.
Supercars as an investment option
Rey Fernando Verboonen, co-founder of CurioInvest, thinks this is not surprising. “When you look at these assets, you can see how rare collectibles have surpassed the S&P 500,” he said.
"Classic cars and hypercars [a step above supercars] have given their best." Since the beginning of 2010, the Ferrari index - an average of the 13 most collectible Ferraris of the 50s and 70s - has increased by more than 233%. Over the same time frame, the S&P 500 increased by 173%.
Although infinitesimal compared to the stock market, Verboonen says this proves that supercars are a viable investment option. There are still a total of 440.000 tokens available to investors, at the asking price of one dollar.
The token is based on Ethereum's ERC-20 standard, which according to Verboonen will make it practically exchangeable in any exchange - CurioInvest has already collaborated with Huobi - which will help facilitate a secondary market for tokens.
The prospect of the token
The CurioInvest prospectus, which is based in Liechtenstein, has been approved by the country's main financial regulator. Although it has previously hosted other token sales for supercars, Verboonen points out that this will be the first one open to European retail investors.
US investors will not be able to participate. Verboonen confirmed that a private placement, open only to institutional investors, had already filled 60% of the $ 1,1 million cap.
The token is set up as an obligation, according to the report shared with the media. Each token represents a share of the final sale price of the car, whatever it is. During the first five years, CurioInvest will consider offers with a minimum of 20% higher than the current valuation of $ 1,023 million.
If, after this period, the car has not yet been sold, it will be auctioned off to the highest bidder. When Ferrari is sold, the proceeds will be split among the token holders after paying the costs of the project which, according to Verboon's estimates, will be between 25.000 and 50.000 CHF ($ 26.000 - $ 52.700), assuming that it will remain active for the entire five-year cycle.
If the car is sold profitably, CurioInvest will take a 20% commission. In the meantime, Ferrari will be kept in a secure garage outside Stuttgart, Germany, where it will be kept in excellent condition.
The token sale began on June 15 and will continue until July 15, or until the maximum limit of $ 1,1 million is reached. At the time of this writing, the Ferrari shares they have a price of 155,55 euros.
Although Ferrari did not start very well this year in the F1 world championship, Le Clerc managed to get the most out of the red by conquering an unexpected second place. This could give further impetus to the actions of the red pony over the next weekend.
