Welcome to Blockchain Asia
en
Bitcoin
$ 43,850
Ethereum
$ 1,229.4
Litecoin
$ 76.50

Alfa Romeo SUV uses NFT and blockchain to track car records

Tonale NFT is an Alfa Romeo system that certifies an automobile at purchase and then records and stores data throughout the vehicle’s lifetime.

The Tonale SUV, the latest vehicle from Alfa Romeo, has been presented. The company promises to be the first in the industry to link each vehicle to a blockchain-based token that can track the vehicle’s entire life cycle.

The fact that each car is linked to a nonfungible token is one of the SUV’s most distinguishing features (NFT). According to Alfa Romeo, the Tonale NFT certifies an automobile at purchase and then merely records and stores data throughout the vehicle’s lifetime. Francesco Calcara, Alfa Romeo’s head of global marketing and communication, said, “With the customer’s permission, the NFT will capture vehicle data and generate a certificate that may be used as a guarantee of the car’s overall condition, potentially increasing its residual value.”

Automobile manufacturers are rapidly engaging in the NFT industry, which is expected to reach $240 billion by the end of the decade, by minting one-of-a-kind collectible digital tokens that are occasionally included with vehicle purchases.

Everything from real estate agreements to sports fan engagement tokens is now being tied to blockchain. Businesses are racing to get on board with this new technology, and NFTs have recently made headlines. NFTs have been tested by several luxury car manufacturers, including Lamborghini, Rolls-Royce, and Mercedes-Benz. Lamborghini, for example, debuted its first NFT project, “Space-Time Memory,” which consists of five photographs depicting a Lamborghini Ultimae travelling through space.