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In another bit of compelling proof that NFTs are becoming mainstream in the economic marketplace, Alfa Romeo said it was attaching an NFT to each new 2023 Tonale SUV during the unveiling of the vehicle.
Alfa Romeo said it was the first automaker to link a car with an NFT digital certificate, according to a Feb. 8 announcement.
“The technology is based on the ‘blockchain card’ concept, a confidential and non-modifiable record of the main stages in the life of an individual vehicle. This distinctive off-board feature emphasizes the innovative nature of Alfa Romeo,” the company said in the announcement.
Upon the 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 — a status which may impart a positive impact on its residual value. In addition, Alfa Romeo said that on the pre-owned car market, NFT certification represents an additional source of credibility for owners or dealers to count on, per the announcement. CNBC reported, however, that the car must be serviced by a certified Alfa Romeo dealer to record the data.
“In the meantime, buyers will be reassured in their choice of a second-hand car,” Alfa Romeo suggested via their press release.
“Digitalization is a key enabler of our metamorphosis. Tonale is the first car ever to keep a blockchain, non-fungible token. NFTs are based on the same distributed information logic that protects your Bitcoin,” Francesco Calcara, head of Alfa marketing and communication, said during a media briefing per CNBC. “It records all data on the blockchain.”
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About the Author
Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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