Alfa Romeo, the Italian carmaker, has revealed a new model with its unique blockchain-based token designed into the system.
Each Tonale SUV will be connected to a unique non-fungible token (NFT) with the purpose of tracking data about the lifespan and performance of the vehicle.
The chief of global marketing and communication at Alfa Romeo clarified the design by saying:
“Upon customer’s consent, the NFT will record vehicle data, generating a certificate that can be used as a guarantee of the car’s overall status, with a positive impact on its residual value.”
Alfa Romeo is not the only car company diving into the world of NFTs. Rolls-Royce, Mercedes-Ben, and Lamborghini have also been experimenting with NFTs, and there are rumors that future models coming out of them will make heavy use of non-fungible tokens.
Take Lamborghini, for example, they’ve launched a “Space Time Memory” NFT that will capture five photographs of the Lamborghini Ultimate going into space.
Some critics have pointed out that this is just a “waste” and a “publicity stunt.” Some crypto and NFT enthusiasts have expressed concern with the way companies get into the trend just for the sake of being a part of it. The concern has led to admirations for Alfa Romeo because their campaign seems to implement NFTs in a way that has an actual “practical use.”
The craze around NFTs isn’t limited to artists in the digital world and car companies. Everything from gaming to real estate deals is getting involved with NFTs. The NFT market is set to reach at least $240 billion by the end of the decade, according to forecasts.
NFTs are an amazing opportunity for many companies to use the convenience and technological benefits. Still, many companies feel strong social pressure not to fall behind and follow the trend that everybody is talking about, even just for the sake of being part of the NFT club.
