UK startup Autentica Car Parts is set to launch a non-fungible token (NFT) marketplace designed for manufacturers to sell 3D-printed automotive components.
According to a recent Strategy& survey, 85% of spare parts suppliers plan to incorporate 3D printing into their operations by 2028.
Nevertheless, the automotive spare parts industry continues to grapple with enduring challenges such as counterfeit parts, authenticity concerns, quality control, and environmental considerations.
Recognizing these industry trends and challenges, Autentica Car Parts is gearing up to introduce an NFT platform, catering to Original Equipment Manufacturers (OEMs) seeking to market their spare part designs.
In Autentica’s new model, instead of physically delivering the part, once a consumer makes a purchase, OEMs will transmit their designs to the buyer’s nearest local 3D printing service provider within Autentica’s network of partners. The provider will then be responsible for creating and delivering the part to the buyer.
The NFTs will serve as certificates of authenticity and proof of purchase, offering buyers a secure digital record of ownership and provenance. These tokens will also help prevent IP infringement and address liability issues by providing an immutable digital record, making it easier to trace and enforce intellectual property rights.
This solution aims to tackle some of the challenges associated with traditional methods of auto parts production. In contrast to the conventional approach, which often relies on mass production and warehousing, Autentica uses 3D printing to produce auto parts on demand, enabling direct delivery to end-users. This approach minimizes the need for extensive warehouses, mitigates excess inventory, and reduces the environmental footprint.
To develop its solution, Autentica Car Parts partnered with the University of Sheffield Advanced Manufacturing Research Centre (AMRC) and secured funding from InnovateUK, the UK’s innovation agency, which supports businesses and research organizations nationwide.
Autentica Car Parts is set to make its debut at a Sci-Tech Daresbury event on November 1, 2023.
