Unique license plates have become big business in recent years and someone is trying to sell a plate that reads ‘MM’ in California.
The plate has been listed up for sale on OpenSea, a popular NFT marketplace with an asking price of 5,888 Ethereum, the equivalent of $24.06 million at current prices. If it sells for that much, it could be the most expensive license plate ever sold.
The seller of the plate has created his own website to promote the auction and claims that there are no single-character plates available in California, making two-character plates the rarest available to the public in the state. Details about the plate’s history aren’t known but we do know the physical plate and an NFT will be sold as a package. The MM appears to be the initials of the seller, Michael Modecki.
The most expensive license plate to sell publically in the U.S. was the number ‘6’ in Delaware which sold for $675,000 in 2008. The most expensive plate sold ever was the number ‘1’ which sold for $14.8 million at an Abu Dhabi auction in 2009.
Speaking with the DuPont Registry, the owner of the plate said he wants to “establish a new wealth opportunity for owners of personal license plates.”
“I want the sale to demonstrate a new use for NFTs in a physical space,” he said. “I also want to establish a new wealth opportunity for owners of personal license plates. Being the first minting of its kind, I can only imagine the prestige that would follow the MM plate from owner to owner, forever. License plates already hold value by being 1-of-1. The pairing of NFT authentication with tangible items like license plates, in this case, is the way of the future. So, let’s make history, define the future, and let the world know we did.”
Of course, while the plate has an asking price equal to over $24 million, that doesn’t mean it will sell for that price, or anywhere near that price in fact.