You can now use NFT to pay for a $10M Luxury Yacht

Key Takeaways

• Benetti, the Italian high-end yacht company is ready to accept NFTs as payment for its superyacht
• The yacht called VIANNE has a $10M price tag on it. However, the buyer has to part with a 10% deposit in fiat money
• Collectors are now increasingly using their NFTs as collatorals against loans on emerging platforms

YEREVAN (CoinChapter.com) – Most cryptocurrencies are struggling to gain acceptance as payments. Meanwhile, nonfungible tokens (NFT) are surging in popularity. The craze has caught on so much that now people can use NFTs as payments for luxury items. At least in this one particular case, they can.

Benetti, the Italian high-end yacht and boat building company announced it now accepts NFT as a form of payment. Buyers can now pay for their yacht priced at $10 million (EUR 8,900,000) using nonfungible tokens.

However, Benetti will not accept just about any NFT as payment. The company is specifically looking for top-tier collectibles. Some of the projects include the iconic Cryptopunks and Bored Ape Yacht Club (BAYC).

Besides NFTs, Benetti will also accept Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Binance Coin (BNB), and Fantom (FTM).

“Whilst cryptocurrency payments are increasing in the yachting industry, this would make VIANNE the largest ever yacht to be purchased with NFTs. This is an exciting prospect for many prospective global buyers and presents a unique opportunity for a yacht of this size to be sold in NFTs only,” 

the press release the company issued reads.

VIANNE is a superyacht that comes with a helipad and sky deck jacuzzi. The yacht can accommodate 12 guests in 5 staterooms. 

However, while Benetti will accept cryptocurrency and NFT payments, the buyer must still pay the 10% deposit in fiat money.

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NFT collaterals are disrupting the economy

This is not the first time a Yacht-selling company is accepting cryptocurrencies as payments. Earlier this year, Dension Yacht also approved cryptocurrency payments. One of its clients, Ari Sheer even agreed to accept cryptocurrencies for his  117-foot Crescent 2020 yacht.

“We need to be present and available to all potential clients in all marketplaces. And if a client wants to pay with dogecoin, we are positioned to handle the transaction,”

 Bob Denison, founder of Denison Yachts said.

Thanks to their increasing acceptance, NFTs are venturing into new unchartered territories. As if cryptocurrencies were not enough to challenge conventional banks, now nonfungible tokens are taking up major economic roles. 

A South African company called NFTfi now offers a platform where collectors can get loans using their NFT as collateral. It works just like a regular loan, where defaulters forfeit their NFT to those granting a loan.

The platform recently raised $5 million in Series A funding.

In one incident, someone called KrypToniK was able to take out a $1.4 million loan using his NFT Autoglyph #488 as collateral. 

KrypTonik acquired the loan from MetaStreet DAO, another organization providing loans against NFTs.

As nonfungible tokens continue to get wider applicability, their utility in the financial world will also increase. From using them as payments or accepting them as collateral against loans, NFTs are here to stay.