NFTs are being built inside Alfa Romeo's latest hybrid car to record vehicle data

The most recent example of the expanding trend of minting useful NFTs is the integration by the well-known Italian automaker.

Alfa Romeo Is Building NFTs Into Latest Hybrid Car to Record Vehicle Data
Alpha Romeo Latest Hybrid Car | Image: Motor1

Alfa Romeo has stated that it would use non-fungible tokens (NFTs) to manage and preserve maintenance records for its new Tonale SUV on the blockchain.

Alfa Romeo, which is owned by Stellantis, looks to be the first carmaker to use NFTs in this way, ostensibly to improve transparency and efficiency in a car market that frequently relies on third parties to track vehicle data.

In a press conference, Alfa Romeo's head of marketing, Francesco Calcara, remarked, that digitalization is a crucial enabler of our metamorphosis.

In addition, he noted that it's because they are the first in the industry to use this next-generation technology will maintain the residual values of our models.

The car's NFT, according to the business, will be able to issue a certificate based on maintenance data records, but only for service performed by certified dealers.

Moreover, the integration is the most recent example of the burgeoning useful NFT market, which comprises applications that prioritize function over form.

A real estate company minting a housing title as an NFT, health care organizations working on encrypting and transmitting medical records as NFTs, and tokens functioning as proof of ownership for tangible objects are all recent examples of useful NFTs.

Further, Alfa Romeo said at the same press conference that by 2027, it would only sell electric automobiles.

In recent years, the company has struggled with sales, selling fewer than 19,000 units per year in each of the last three years. Mercedes-Benz, on the other hand, sold nearly 60,000 cars in the fourth quarter of 2021 alone.