Hyundai has just demonstrated the value of its non-fungible token (NFT) experiment by trading a digital asset for something far more tangible - a brand-new 2025 Hyundai Santa Cruz.
For years, NFTs have mostly remained within the digital realm, but Hyundai has flipped the script by converting one into a real ute, igniting excitement among fans and collectors alike.
Back in April 2021, Hyundai introduced the Santa Cruz compact ute and, in tandem, launched 10 unique Santa Cruz NFTs.
These digital tokens were offered through a sweepstake on Twitter (now X), at the height of the NFT craze.
While many companies scrambled to hop on the NFT trend, Hyundai seems to have found a way to give these tokens a meaningful purpose.
Fast forward to 2023, and Hyundai has announced that one lucky NFT holder could exchange their digital token for an actual 2025 Santa Cruz.
Through an Instagram call-out, the automaker sought out the 10 original holders of the Santa Cruz NFTs, offering to trade their digital art for a physical truck.
The first NFT holder to respond would be given the opportunity to swap their token for a Santa Cruz Limited edition ute.
And the deal was even sweeter. If the winner preferred cash, Hyundai put US$20,000 (around NZ$32,800) on the table as an alternative option.
Given that the 2025 Santa Cruz Limited has a retail value of nearly double that figure, we wouldn't be surprised if the lucky winner decided to drive off with the ute instead.
The offer has already been claimed, according to Hyundai, marking a first in the industry - an NFT becoming more than just a collectible and turning into something as practical as a vehicle.
Hyundai hasn't stopped with this single gesture, either.
At a time when many automakers have moved on from NFTs, Hyundai is doubling down. The company remains invested in NFT technology and the metaverse, with its global arm continuing to push boundaries in this space.