New Alfa Romeo Vehicle To Use Blockchain To Track Car Records

The new Alfa Romeo vehicle will use blockchain technology and NFTs to track the car records from the purchase to the lifespan of the car so let’s read further in today’s latest blockchain news.

The new Alfa Romeo tonale NFT will certify a car upon purchase and will keep all data during the vehicle’s lifespan. The Italian carmaker Alfa Romeo unveiled the latest vehicle, Tonale SUV and the company claims that it is the first in the industry to connect the vehicles to its own blockchain-related token that can keep track of the car’s entire life cycle. The Italian carmaker unveiled its latest vehicle the Tonale SUV and it claims that it is the first in the industry to connect each vehicle to the blockcahin-based token that can keep track of the car’s entire life cycle. One of the most distinctive features of this SUV is that each car is connected to an accompanyingNFT. The Tonale NFT will certify a car upon purchase and then record and keep the data during the vehicle’s lifespan. The head of global marketing and communication Francesco Calcara noted:

“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.”

Lamborghini goes to space with nonfungible tokens.

The Italian carmaker announced its first NFT project called "Space Time Memory:" a series of five photographs of a Lamborghini Ultimae going into space.https://t.co/xodoFr71UQ

— Cointelegraph (@Cointelegraph) February 1, 2022

The automobile companies are investing in the NFT market heavily and this market is expected to reach $240 billion by the end of the decade, mining unique collectible tokens that are sometimes included in the vehicle purchases. The blockchain is being linked from things like real estate to sports and engagement tokens. NFTs recently became the center of attention as businesses race to get on board with the new technology. Other luxury brands already entered the NFT space such as Rolls-Royce, Lamborghini, Mercedes-Benz, and more. Lamborgini for example launched its first NFT proejct dubbed “Space-Time Memory” which is a set of five pictures that show a Lamborghini Ultimate going into space.

Mercedes also partnered with Art2People to develop a limited edition NFT collection that is inspired by the G-Class vehicle lineup.
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Speaking of NFTs, The Department of the Treasury suggested that the increased use of art in NFTs and other financial assets could make the high-value art traders quite vulnerable to money laundering.