Why This California License Plate Is Valued At Over $24 Million

When it comes to top-selling license plates, the most expensive one ever sold in the US was a Delaware plate containing the number “11,” which went for a cool $675,000 in 2008. Delaware reportedly started issuing plates in numerical order, with the lowest numbers serving as a “status symbol” for the wealthy (via CBS). Emmert Auctions’ Butch Emmert told the publication that having a low number license plate in Delaware is “more important” than driving a Rolls Royce. So, if Delaware’s double one license plate is worth six figures, then why is California’s double M vanity plate being sold for over thirty times more?

The current owner (and potentially seller)¬†of the MM plate,¬†Michael Modecki, told in an email his reasoning behind the MM plate’s ludicrous price point is actually pretty sound considering it’s more than just a sheet of aluminum. Modecki believes both the MM plate and its paired NFT are already valuable on their own, but when combined, can be “worth so much more.” For starters, its NFT alone not only has a market value of over $11 million but also serves as a means to authenticate the plate’s ownership history. This makes virtually anyone capable of verifying its legitimacy even decades from now. When taking into account the plate’s rarity, as well as its proof-of-ownership being contained in a tamper-resistant decentralized blockchain, it becomes a package that’s as unique as it is genuine.

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