Crypto startup CurioInvest is selling tokens for a rare supercar valued with a $1.1 million hard cap.

The tokens represent a limited-edition 2015 Ferrari F12 TDF, a supercar that in 2016 was valued around $450,000, but which was listed at auction in Los Angeles for more than $1.5 million just eight months later.

Rey Fernando Verboonen, CurioInvest's co-founder, said that's not surprising.

"When you look at these assets, you see that rare collectibles have outperformed the S&P 500," he told CoinDesk. "Classic cars and hypercars [a step above supercars] have performed the best."

Since the start of 2010, the Ferrari Index – an average of the 13 most collectible Ferraris from the 1950s and 1970s – increased by over 233%. During that same timeframe, the S&P 500 – which included its longest bull run in history – increased 173%. While infinitesimal compared to the stock market, Verboonen says it shows supercars are a viable investment option.

There are still a total of 440,000 tokens available for investors, at an asking price of a dollar. The token is built on Ethereum's ERC-20 standard, which Verboonen says will mean it can practically be traded on any exchange – CurioInvest has already partnered with Huobi – which will help facilitate a secondary market for the coins.

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Based in Liechtenstein, CurioInvest's prospectus was given the nod by the country's chief financial regulator. While it has hosted other supercar token sales before, Verboonen stresses this will be the first one open to European retail investors. U.S investors will not be able to participate.

Verboonen confirmed a private placement, which was only open to institutional investors, had already filled 60% of the total $1.1 million hard cap.

The token is set up as a bond, according to the prospectus shared with CoinDesk. Each token represents a share of whatever the car's ultimate sale price. During the first five years, CurioInvest will only consider offers at a minimum 20% above the $1.023 million present valuation. If, after that time, the car still hasn't been sold, it will go at auction to the highest bidder.

When the Ferrari is sold, the proceeds will be divvied up to token holders after costs, which Verboon estimates will be range between 25,000 and 50,000 CHF (~$26,000 - $52,700), assuming it's held for the entire five-year cycle.

If the car is sold at a profit, CurioInvest takes a hefty 20% commission.

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In the meantime, the Ferrari has been stored in a secure garage somewhere outside Stuttgart, Germany, where it will be kept in mint condition. "The conditions are very specific," Verboonen said. "There's not much dust in there and there's climate control and [the cars] are handled with gloves."

The token sale began on Monday and will continue until July 15, or until the $1.1 million hard cap is reached.