Saturday, July 20, 2024

Novel use of NFT and Blockchain by Alfa Romeo

Italian automaker Alfa Romeo (AR) has announced something interesting along with the debut of its new SUV – the Tonale. According to company claims, it is the first to connect every vehicle to an NFT token. This token then tracks vehicle history over its complete lifecycle.

According to AR, the NFT tied to the Tonale SUV means that the vehicle is blockchain certified. The NFT tracks all relevant data over the vehicle’s life. According to Francesco Calcara, who is the global marketing head at AR, data is recorded with a buyer’s consent. A certificate is then issued, and this acts as a guarantee of the vehicle’s overall history. This is a good thing for the vehicle’s residual value.

Like many other industry sectors, even auto manufacturers are investing extensively in the NFT market. The NFT market is expected to have a value of $240 billion by the end of this decade. The ability to mint such collectibles is good for the auto industry and the inclusion with every vehicle purchase.

Blockchain technology is linked to sports engagement tokens as well as deals related to real estate. NFTs have garnered quite a few headlines with businesses investing in new technologies. Other manufacturers in the luxury segment like Mercedes Benz and Lamborghini are experimenting with NFT use. Lamborghini’s very first project in the NFT arena consists of five photographs featuring the Ultimae in space. Mercedes Benz and Art2People have teamed up to create limited edition collection based on its G-Class vehicles.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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