Finally, people will start to see the power of NFT and blockchain technology. A real use case for NFTs is coming to the automotive industry. It's something I had never thought about but something that's pretty amazing.
NFT Technology in Cars
Unfortunately, you won't be able to display your Bored Ape Yacht Club NFT on the side or back of your car. At least not yet lol. God I hope that is never a thing that people do but I have a feeling it will be. When I first saw the headline that the 2023 Alfa Romeo Tonale has NFT support, my mind immediately went to "oh great, so now peopple can see your Crypto Punk while you drive around." However, this is very different than that stupid ass idea that popped into my head. This is something that's actually very useful. It's going to work something like this: when you buy the car, you obtain the car's NFT. That NFT stores data about the car like the VIN, mileage, accident history, etc...
“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. “It records all data on the blockchain.”
This allows potential buyers of the car to verify its service history on the blockchain. Only the dealer will be able to update the NFT which will encourage people to take their cars to the dealer for service to maintain its value. This also prevents things like changing the odometer reading and other sketchy things people do to sell cars. What would be really cool is if the same NFT technology could be used for the car's actual title. The title NFT would hold the data from each buyer and seller throughout the car's life. Logistically speaking, it would have to be something done by the department of motor vehicles since it would be the actual title. But the point is that instead of having a shitty piece of paper that gets written on by hand, torn, coffee spilled on, etc... You have an NFT that gets updated by the DMV once ownership of the vehicle in transferred. Will this technology be seen in more cars soon? Hopefully. People will start to realize that NFTs aren't just stupid monkey JPEGs.
I'm not much of a car fanatic and generally don't give a shit about them. I just thought it was really cool to see that a car company has taken note of the power of NFTs. I could see Tesla doing something similar with their cars in the near future but it'd probably be some dumb shit like Dogecoin meme NFTs. Either way, it's great to see more mainstream use of the NFT technology as well as blockchain. It hasn't been released which blockchain is going to power this tech, but my bets are on Ethereum. If not Ethereum, it's going to be on Ethereum's layer 2 Polygon chain. Would be really sick if they used WAX or Hive since they're carbon-neutral and that's kinda one of the benefits of an electric car. If they use the regular Ethereum chain, people on Twitter are going to cry about its environmental footprint and that their electric cars kill the planet. Ok, enough rambling. I hope you enjoyed.
Thanks for reading! Much love.
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