Categories: Automobiles

NFTs arrive in the automotive sector

What if we told you that the car of your dreams, the collector’s one, could be yours with a click? Surely you will read to the end, to understand how to do it.

Today, we are talking about the extraordinary financial phenomenon, which is overwhelming the market and in particular whets the appetite of some automotive brands, which have decided to launch into the world of NFTs.

What are NFTs?

NFT stands for non-fungible token (ndr), it is a cryptographic token or rather it is a certificate of authenticity and the deed of ownership of that unique asset written on Blockchain (shared data structure, a digital register where the entries are grouped into blocks ed).

In summary: NFTs are non-fungible and not mutually interchangeable tokens, be careful not to confuse them with cryptocurrencies, such as bitcoin and other tokens, which are born with a fungible nature.

In particular, NFTs are employed in specific applications that require unique digital items such as cypto art, digital collectibles and online games. The first case where it was used for NFT purchase was for a work of art.

In conclusion, everything purchased with NFTs has a changing value linked to the fact of being unique.

NFTs arrive in the automotive sector

How does the automotive world have to do with NFTs?

Let’s start with Ferrari, flanked by a new premium partner: Velas Network, a global operator in the blockchain and NFT sector, based in Switzerland. In essence, all lovers and supporters of the Scuderia will have access to the purchase of creations of exclusive digital content related to the brand.

Hence, Velas is title sponsor of the Ferrari E-Sports Series. The online single-make series from Ferrari and the E-sports team, which will compete in the F1 Esports Series. The official digital championship in which all the teams enrolled in the Fia Formula 1 World Championship participate.

Mattia Binotto, general manager and team principal of Scuderia Ferrari, comments: “We are delighted to start this collaboration with Velas Network, a company. It makes innovation and performance the hallmark of technologically advanced products and services. These are all values ​​that unite us and that led us to choose Velas as one of our premium partners ”.

Another example comes from Alpine, in November 2021 launches in crypto art with a concept-car created exclusively in NFT.

The builder for the event organizes an auction on the OpenSea.io platform. Ended on November 5, he created five exclusive and unique collectible liveries for the Alpine GTA Concept model. Thus making use of the collaboration with nfast, a start-up specialized in the design and production of hypercars in the form of NFT.

While, Audi in August 2021 announced with a post on its Weibo account, its entry alongside xNFT, a decentralized network platform that allows the creation and exchange of NFTs.

The German company also released a 15-second video illustrating the limited edition NFT offered. Attention, these special collections will be a joint venture with FAW-Volkswagen, which produces Audi and Volkswagen cars for the Chinese market.

Another round, another race for Garage Italia Custom, which since last spring has appeared in the NFT market, with the sale of the creative studio of its cars or the project. Here, non-fungible tokens are the right to enjoy creativity and personalization, thus validating the uniqueness of the project.

The NFTs took their first steps in the automotive world, already in 2019, where a wealthy buyer paid a whopping $ 110,000 for the NFT which depicts the first digital Formula 1 car, created for the video game linked to the F1 blockchain. Delta Time.

There are many other examples to list, they are all around the net, the only certainty is that the “tokenized” auctions have begun to warm the engines and the hearts of collectors.

Published by
John Vassallo

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