If it sells, this will become the most valuable license plate in the world.
Some people have no qualms spending extra money on a personalized license plate to stand out from the crowd. Some personal license plates display offensive messages. Other drivers use vanity plates to show their quirky sense of humor. However, some license plates are so rare that they command higher prices than exotic supercars.
Currently for sale on NFT (non-fungible token) marketplace website OpenSea is a rare California license plate with the characters "MM." The price? $24.4 million. Yes, you read that right. If it sells, someone will have the honor of owning the most valuable license plate in the world.
What makes this license plate so ridiculously rare and valuable? There are over 35,000,000 registered vehicles in California, each with their own unique license plate ranging from between two to seven characters.
A Bugatti Chiron and LaFerrari have been spotted with three-character plates before, but two-character plates are rarely seen in the US. Two-character repeaters are even rarer. The "MM" California plate is one of only 35 plates in the US with two repeating characters. Adding to its value, the rare plate also includes an NFT providing access to digital art assets and proof of authenticity. The QR code and ID number of the NFT token are also laser inscribed on the back of the license plate.
Thanks to a recent change to California's Special Interest License Plate Application that included the option to "release interest to a new owner," the special plate can be used on any car by a new owner.
"Just like NFTs, license plates are exclusive by nature, always 1 of 1. The pairing of these two rarities was inevitable. This minting has established provenance, and hopes to inspire an entire community around an aftermarket buying/selling desirable license plate configurations," the listing reads.
Why would anyone want to pay such an absurd amount of money for a license plate, you might ask? Simple: exclusivity. For someone out there, owning the only "MM" license plate in the world will be the ultimate status symbol, especially if you drove a BMW M2 CS, for example. In the US, the most valuable plate ever sold in the US is the number '11' for $675,000. As for the most valuable plate ever sold in the world, that would be the number '1' in Abu Dhabi that sold for around $14.8 million in 2009.