Whether you are bullish on NFTs or not, it’s undeniable that of late they have taken centre stage. As proof, look no further than being declared 2021’s word of the year. Notwithstanding clear evidence of mania, advocates remain convinced there are practical uses aside from flaunting crypto wealth. Alfa Romeo’s latest move is perhaps one such example.
Not Just a JPEG
In what appears to be a first for the industry, Italian luxury car manufacturer Alfa Romeo has found a practical use for NFTs. Specifically, they will be used to track and store maintenance records for its new Tonale SUV, set for release next year.
While Mercedes-Benz, Audi and Lamborghini have elected to go the route of creating digital collectibles, Alfa Romeo has decided to go the practical route, and bring some much needed transparency and efficiency to tracking car maintenance records.
Digitalisation is a key enabler of our metamorphosis. The NFTs will sustain the residual values of our models as we are the first in the market to adopt this next-generation technology.
Francesco Calcara, head of marketing, Alfa Romeo
According to its press release, Alfa Romeo suggests that the car’s NFT will be able to generate a certificate from records of its maintenance data, but only for services done by certified dealers.
A Market Gimmick?
Cynics will argue that the move is perhaps less inspired by “transparency and efficiencies” than a desire to catch up to its rivals. For context, Alfa Romeo has sold just 19,000 cars annually for the past three years, compared to Mercedes-Benz, which sold 60,000 in Q4 2021 alone.
The response to the Alfa Romeo news was predictably divisive, as NFTs tends to be:
Whatever Alfa Romeo’s motivation, it’s hard to argue against technological solutions that offer future car owners indisputable evidence of a vehicle’s service track record. Perhaps there are clear cases where NFTs have some utility.
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