The fact that each car is linked to a nonfungible token is one of the SUV's most distinguishing features (NFT). According to Alfa Romeo, the Tonale NFT certifies an automobile at purchase and then merely records and stores data throughout the vehicle's lifetime. Alfa Romeo's head of global marketing and communication, Francesco Calcara, said:
“Upon 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, with a positive impact on its residual value.”
Benedetto Vigna, Ferrari's Chief Executive Officer, stated that the premium sports car maker is considering entering the blockchain, metaverse, and non-fungible token (NFT) industries in the future. The company's chief executive also declared that it will continue to invest in its cryptocurrency activities in the near future.
Vigna assured the audience during the company's quarterly earnings call that Ferrari is searching for ways to adapt to the fast-paced technological developments.
Ferrari recently inked a contract with Swiss blockchain firm Velas Network, paving the way for the creation of exclusive digital content and a metaverse brand for Ferrari enthusiasts.
In exchange, Velas will manage the majority of Ferrari's official e-sport teams and serve as tournament sponsors.
"For certainly, the digital technologies they're using, the web 3.0 technologies they're using, the Blockchain, and the NFT is an area that fascinates us and requires some attention," Vigna told Binance.
In order to scale up the company's response to the development, Ferrari decided to create a new unit focused on digital technologies within its retail operation.
Despite the lack of a common definition, Web 3.0 is a decentralised internet infrastructure driven by blockchain. Web 3.0 market shares can be acquired in the form of digital tokens, unlike the 1.0 and 2.0 versions, which are completely free to possess.
This type of platform may be owned by "random people" and would be unregulated by the government. It would also jeopardise the authority of major Silicon Valley firms such as Meta and YouTube, which rely on corporate funding.
Densely populated field
Nonetheless, Vigna acknowledged that Ferrari is up against a slew of rivals in the cryptocurrency business, many of which have already established significant footholds.
He also noted that "The Prancing Horse" has a long way to go before being regarded a market pioneer.
Purists, on the other hand, equate Ferrari with a product line that includes powerful engines, and believe that deleting them would be sacrilege.
Many Ferrari fans shudder at the notion of a car without a throaty V8 or V12 engine.
Nonetheless, with the future of automotive technology leaning toward electric vehicles, the legendary Italian brand has no choice. Ferrari wants to appeal to this new demographic, but it isn't in a rush to do so.
NFT sales are expanding on a daily basis, and as digital assets become more popular, they expect more organisations, including "institutions" in the automotive sector, would adopt the blockchain system.
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