Italian carmaker Alfa Romeo has unveiled its latest car, the Tonale SUV. The company claims to be the first in the industry to connect each vehicle to its own blockchain-based token that can track the entire life cycle of the vehicle.

One of the most distinctive features of this SUV is that each vehicle is associated with an included non-fungible token (NFT). According to Alfa Romeo, Tonale NFT certifies the vehicle at the time of purchase and registers and retains the data for the vehicle’s lifetime. Francesco Calcara, Head of Global Marketing and Communications at Alfa Romeo, said:

“Based on the customer’s approval, NFT will record the vehicle’s details, and create a certificate that can be used as collateral for the vehicle’s general condition, which will have a positive effect on the residual value.”
Car companies are increasingly investing in the NFT market, which is expected to reach $ 240 billion by the end of the decade, and features unique collectibles that are sometimes included in car purchases.

Related topics: Car manufacturers make NFTs, but is it a valid use case?

Blockchain is now connected to everything from real estate transactions to tokens that can be shared with sports fans. NFTs have been making headlines lately as companies look to jump on board with this new technology.

Other luxury car manufacturers such as Lamborghini, Rolls-Royce and Mercedes-Benz have tried NFT vehicles. Lamborghini, for example, launched its first NFT project, Spacetime Memory, a set of five images showing the Lamborghini Ultimae on its way into space.

Mercedes-Benz recently partnered with Art2People to develop a limited edition Mercedes-Benz NFT inspired by the G-Class line.

Source: CoinTelegraph