With the launch of its new Tonale SUV, Italian luxury car manufacturer Alfa Romeo revealed that it will be using non-fungible tokens (NFTs) to track and store maintenance records on the blockchain.
This is the first time an automaker has connected a car with an NFT digital certificate.
Based on the ‘blockchain card’ concept, the technology provides a confidential and non-modifiable record of a vehicle’s life stages.
“La Metamorfosi” has begun: discover the new #AlfaRomeoTonale, the first model of a new era and the first step towards the future of #AlfaRomeo https://t.co/KTTluyUmEm pic.twitter.com/ImZUmt0SX1— Alfa Romeo (@alfa_romeo) February 8, 2022
If the customer agrees, the NFT will record vehicle data and generate a certificate that can be used as a guarantee of the car’s overall condition and consequently contribute positively to its residual value.
Owners and dealers can rely on NFT certification as an added source of credibility on the used car market. Meanwhile, buyers will be confident in their decision to buy a second-hand car.
“Digitalization is a key enabler of our metamorphosis,” Francesco Calcara, head of marketing at Alfa Romeo, said in a media briefing. “The NFTs will sustain the residual values of our models as we are the first in the market to adopt this next-generation technology.”
There’s no doubt that carmakers are stepping up to the NFT space as well. Last month, Vingroup’s electric vehicle (EV) brand, VinFast, rolled out VinFirst NFTs for early reservations. Lamborghini entered the NFT world a couple of weeks ago, and recently revealed its “Space Time Memory” NFT project.