Alfa Romeo, an Italian carmaker, has released details about its latest car model. According to the firm, this vehicle will adopt the innovative technologies of blockchain and non-fungible tokens (NFTs).

Alfa Romeo announced that it was the first company in the car manufacturing industry to link each vehicle with a blockchain-based token. This token will keep track of the car within its entire life cycle.

The most outstanding feature about this SUV is that every vehicle will be accompanied by an NFT. The NFT will be used as a certification during the purchase process. The Tonale NFT will also maintain the records and data of the vehicle during its entire lifespan.

The head of global marketing and communication at Alfa Romeo commented on this development, 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.”

The company further stated that the certificate generated through this NFT could be used to assure that a vehicle has been well-maintained. A user can be guaranteed to have a better resale value.

However, the car should be serviced by a certified Alfa Romeo dealer for maintenance data to be recorded.

Various brands across different industries have been rushing to integrate NFTs into their offerings.

Automobile companies have been leading in adopting NFTs, with the market being estimated to reach $240 Billion by 2030. Automobile NFTs usually involve minting unique digital collectibles attached with vehicle purchases.

Some luxury car brands have already dipped their toes in NFTs. Lamborghini, Rolls-Royce and Mercedes-Benz have announced experimenting with NFTs and how this can be good for their brand.

Earlier this month, Lamborghini announced the launch of its first NFT project known as “Space-Time Memory.” This project involves a collection of five NFT pictures illustrating a Lamborghini Ultimae going into space.

Mercedes Benz also recently announced its partnership with Art2People. Through the partnership, the carmaker wants to unveil a limited-edition Mercedes-Benz NFT collection based on its G-Class vehicle model.

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