Because it is the “first car on the market,” Alfa Romeo claims its Tonale SUV’s NFT digital certificate will raise the vehicle’s residual value.
How? Basically, it includes uploading data from a car’s electronic system to a blockchain to prove that it has been properly serviced when it’s time to sell the vehicle.
Alfa Romeo’s new SUV NFT
Alfa Romeo states in a press release that the NFT will capture vehicle data with the customer’s permission and generate a certificate that can be used to verify the car has been properly maintained. NFT accreditation “adds legitimacy to the pre-owned car market for owners and dealers alike.”
A certified Alfa Romeo dealership is required to record the data, as noted by CNBC.
As a result of NFT certification, “Owners or dealers” have an additional source of trust to rely on. There are doubts regarding the value of blockchain technology, as there are with many other NFT technologies. Automobile manufacturers currently keep thorough records of the services performed on their vehicles using the vehicle identifying numbers (VINs) (vehicle identification numbers). Because they have done this for decades without the use of blockchain technology, which commonly employs energy-intensive proof of work algorithms, it’s notable.
Alfa Romeo’s NFT is not well-documented in terms of technical specifications. He couldn’t tell which blockchain the NFT will be housed on or exactly what data is stored in a car’s NFT record when he was questioned explicitly. NFTs would be made available for the entire Alfa Romeo portfolio “soon,” he did indicate.
There are two versions of the Alfa Romeo Tonale SUV, one of which is a hybrid and the other a gasoline variant. In 2027, CNBC reports, the business will deploy its first all-battery electric car in North America, which will be followed by a fleet of all-electric vehicles worldwide. Customers will be able to pre-order Tonale in the fourth quarter of 2022; the device is expected to be delivered in the first quarter of 2023.