A seller wants $24,545,011.20 for the California license plate “MM.” And yes, you read that incredibly large number right. To be extra trendy, the sale is tied to a non-fungible token (NFT).
In California, two-character license plates have the fewest emblems in ones available to the public. Plus, the limited number of alphanumeric combinations makes them very rare.
The website advertising the sale is pushing the $24.5 million ‘MM’ plate as “The Ultimate Flex.” While this argument is true in a certain way, a person can take things too far. Even in California, that amount of money is enough to buy a very nice house or pack a garage full of fun vehicles.
The seller believes this massive investment is for “the type of person who sees the value in the exclusive, rare, & one-of-a-kind.” Maybe there is an ultra-wealthy car enthusiast out there that sees value in owning the “MM” plate.
The way that this sale works is that the buyer is technically purchasing the NFT that has a price of 5,888 units in the cryptocurrency ethereum. The price in dollars is so odd because of the conversion rate.
In California, it’s possible for people to transfer vanity license plates. This makes it possible for the current owner to sign over the “MM” plate to the buyer.
The same seller also has the ‘MM’ plate in Texas. It also goes along with an NFT, but this one is a relative bargain at 2,888 ethereum ($12,039,061.20 at current exchange rates).
There’s certainly precedent for people spending absurd amounts of money on license plates around the world. For example, the “F1” number plate in the UK had an asking price equivalent to $20 million in 2018. Also, “0 10” in the UK went for $170,000 in 2020.