New Alfa Romeo SUV uses NFT and blockchain to track car records

Italian carmaker Alfa Romeo has unveiled its latest vehicle, the Tonale SUV. The steadfast claims that it is the archetypal successful the manufacture to link each conveyance to its ain blockchain-based token, which tin support way of the car's full beingness cycle.

One of the astir distinctive features of this SUV is that each car is linked to an accompanying NFT. The Tonale NFT, according to Alfa Romeo, certifies a car upon acquisition and past simply records and keeps information during the vehicle's lifespan. Francesco Calcara, Alfa’s caput of planetary selling and communication, said:

"Upon customer's consent, the NFT volition grounds conveyance data, generating a certificate that tin beryllium utilized arsenic a warrant of the car's wide status, with a affirmative interaction connected its residual value."

Automobile companies are progressively investing successful the NFT market, which is forecasted to scope $240 cardinal by the extremity of the decennary — minting unsocial collectible integer tokens that are sometimes included with conveyance purchases.

Related: Automakers are minting NFTs, but is determination a beardown usage case?

Blockchain is present being linked to everything from real property deals to sports fan engagement tokens. Nonfungible tokens (NFTs) person precocious generated headlines arsenic businesses contention to get connected committee with this caller technology.

Other luxury car makers specified arsenic Lamborghini, Rolls-Royce and Mercedes-Benz person experimented with NFTs. Lamborghini, for example, launched its archetypal NFT project, "Space-Time Memory," a acceptable of 5 pictures showing a Lamborghini Ultimae going into space.

— Cointelegraph (@Cointelegraph) February 1, 2022

Mercedes precocious teamed up with Art2People to make a limited-edition Mercedes-Benz NFT collection inspired by its G-Class conveyance lineup.