Italian luxury vehicle maker Alfa Romeo on Tuesday unveiled the world’s first car with its own non-fungible token.
The “Tonale”, a hybrid electric car, will be the first to be equipped with blockchain-based technology in the form of a digital certificate of ownership.
The certificate will be uniquely linked & will certifying the car at the time of purchase and evolving to represent its use over the car’s lifecycle, Alfa Romeo parent Stellantis said.
“Based on Blockchain technology, NFT can register vehicle data to generate a confidential & non-corruptible record of vehicle life,” stated manufacturer’s luxury website.
Alfa Romeo’s said this will give owners and dealers an additional source of credibility to rely on and further protect residual value.
“The 2023 Alfa Romeo Tonale is the most technologically advanced Alfa Romeo ever offered,” said parent Stellantis.
The NFT market has seen a surge in interest & investment over the past year. It is expected to be worth more than $35 billion in 2022 7 more than $80 billion in 2025, according to research by Jeffries, as reported by CoinDesk. NFTs are unique digital tokens that represent an asset, e.g. as a piece of audio, video or even a work of art & a virtual property.
“Tonale is a fully connected car equipped with advance technology, software & interface,” said Silvia Cravero, Alfa Romeo head of info connectivity validation.
The vehicle will also have plug in hybrid electric vehicles & will be available in the US by 2023, the company said.