Skel offers another option. He can tokenize the ownership of the car and the winner can sell the tokenized title if they want but does anyone know how tokenization works? If he tokenizes it, does it mean that the new owner owns the car on Blockchain? How easy will it be for the new owner to sell a tokenized car? I'm a newbie in this. Despite the fact that I don't know a hacker and can't win the money, I'd really love it if someone explained this tokenization thing that Skel talks about in his tweet.
From what I understand, yes, this is the case. But the most interesting thing about that is that by tokenizing it you can sell it for parts. If 1000 tokens are made and you want money but not to sell it all you can sell 100, and you still own 90% of the car. With the car you don't, you either sell it or you keep it but you can't sell 10% of the car.
Is it easy to sell tokenized cars? Who will want to buy it, what will be the use case and benefit of it for the buyer? This is what I don't understand. Does selling tokens mean that the ownership goes to the new buyer? Who will send the car to the owner then? Sorry, I'm confused.
Digital asset tokenization is the process whereby ownership rights of an asset are represented as digital tokens and stored on a blockchain. In such cases, tokens can act like digital certificates of ownership that can represent almost any object of value, including physical, digital, fungible, and non-fungible assets.
Read more here
https://chain.link/education/asset-tokenizationBut for ordinary guys for sure we know its expensive to acquire and main those supercars so the only option people could ever had is to sell immediately the Bugatti if it happens that they are the one who can get that bounty.
Don't you need to officially register the ownership in your region? Okay, I'll read it in detail.
Imagine when you are an ordinary guy, you win it and the condition is that you either accept the car or not. You don't have money to afford the shipment because you go to the bank and the bank doesn't give you enough loan to import the car and pay taxes. Has that ever happened? That would be the luckiest and unluckiest person at the same time
I don't think that will happen in any of the contests. Especially organizing on the internet. But if it happens, I don't think it would be too much trouble for people living in developed countries. But if they live in 3rd world countries like mine, then they know that they are fucked up. The tax on imported cars in my country depends on the CC limits, which could be up to 500%. Imagine you won a car worth $50K, and you have to pay $250K tax. Would you receive that car? I don't think so. See the image below to understand what I am talking about. This is the main reason why most people in my country usually do not dare to import a car.
Why are taxes on car imports so high in your country? Bangladesh is a developing country, its population is 173 million people and there are only up to 5 million registered cars, which means that there aren't many cars in your country, the car ownership is 1:35, which is too low. Logically, your government should be helping people to buy cars because it significantly helps people to move better. High car import duties increase the price of everything inside the country because distributor companies have to pay lots of money and they pay for that by increasing the price of the product and services.
In my country, car import tax is 20%.
. But for sure we would see some updates if there;s good development happen on the task and bounty offered by Skel to those people who can do those task what he want.
