Have you ever longed to buy a luxury sports car or a vintage car? This BitCar project will somehow find a way for your desire. The project aim is to give the crowd access to a range of exotic models of cars. This includes sports car and vintage classics. Project Bitcar functions by the means of a blockchain-based fractional ownership investment business.

John Bulich, Co-founder and the brain behind the BitCar project have announced that they will burn any unsold tokens after the close of its public sale. It was announced a week before the end of its Initial Coin Offering (ICO).

Classic cars have seen the most demand and price during auctions, according to the latest Knight Frank Luxury Investment Index. If a car’s owner is a celebrity or sports person, then the auction price will be huge.

The model will hopefully generate profits by investment organizing using its native token into the kinds of cars which have historically performed well as investment instruments when compared to more traditional asset divisions.

The BitCar platform uses a dual token system. After the sale is complete, tokens which are available in the Initial Coin Offering (ICO) will be used for trading on outside exchanges. For paying internal costs such as vehicle maintenance and storage charges these tokens can be used. Also, in BitCar ‘second level’ car tokens are required. These tokens are used in the platform that will be used as the digital asset token for every individual exotic car.

Cars tokens are initially valued at US$1. In this case, if a BitCar manages to win the bid of any auction that happened years before, then any buyer of this car tokens would then be linked to a part of the car’s title on the blockchain.

Interested middle east investors can chat with the team at the Dubai's World Blockchain Forum. Visit their website for more information.

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