The process of selling a yacht in the traditional way can be time and costs consuming and the maintenance can fall on the owner’s hands.
A small number of companies are hoping that blockchain technologies can change that and speed up the process of exchanging assets by, for example, using cryptocurrencies to purchase a yacht.
Cryptocurrencies have a bit of a murky reputation but some figureheads in the yachting industry believe they’ll have a part to play in the future of yacht sales. There are already a few examples of successful deals. In late 2020, a combination of US dollars and Bitcoin was used to purchase a 52-foot Lagoon catamaran in Fort Lauderdale.
The deal was brokered through Denison Yachting, which opened the Bitcoin option following requests from “several customers.” At the time, Bob Denison, president of Denison Yacht Sales, said: “Bitcoin does a lot of things that are really unique in terms of efficiencies. It’s just a matter of time before someone from the target market buys a boat with Bitcoin.”
Hoping to emulate this success, Sovereign Yacht Sales, is selling a $25 million Majesty 140 yacht in a similar way. Awarded the accolade of NBC ‘Best in show’ in the Fort Lauderdale International Boat Show in 2019, the striking tri-deck yacht is praised for its elegant exterior and interior design and innovative features, including its modern ‘beach club.’ The sale will be facilitated through luxury asset management platform Idoneus, a luxury asset management platform which aims to “change the way luxury assets are exchanged.”
Blockchain and digital identity expert Dr. Neil Pennington, who has held senior roles at PwC, IBM and RWE, among other blockchain businesses, has assumed the role of senior advisor on strategy & innovation at Idoneus, so great is his belief in the company.
“Think of blockchain as a technology (much like a wallet or a ledger) that stores data and uses digital tokens (cryptocurrency) to process transactions and transfer value,” he says.
“Idoneus uses blockchain to solve several challenges including verifying the identity of those involved in a transaction (reducing risk for fraud), recording transactions using smart contracts which solves risks associated with the use of multiple currencies, and eliminates additional costs of third parties by enabling peer-to-peer direct transactions for the sale of assets, goods and services.”
Nautic Magazine introduced in mid-2021 its new Marketplace so you can use Bitcoin to buy your next Yacht!
