Is Alfa Romeo Changing The Automotive Game With NFT Digital Certificates?

Italian luxury automobile company Alfa Romeo recently showed off its upcoming Tonale electric vehicle. Along with luxury features and state-of-the-art technology, the vehicle will offer a unique approach to non-fungible tokens.

What Happened: The 2023 Alfa Romeo Tonale made its global debut recently, representing what the Italian automotive company called “the brand’s metamorphosis.”

The vehicle stays true to Alfa Romeo’s luxury and racing car roots, while also offering common features in electric vehicles.

The Tonale has a 12.3-inch driver’s cluster screen, which is a “best-in-class offering.” The vehicle has a new infotainment system that includes wireless Apple Carplay, wireless Android Auto and wireless charging. The vehicle will also feature Alexa, the Amazon.com, Inc. AMZN product, as a voice assistant for drivers.

And, one of its newest features might appeal to a growing market.

Related Link: What Is A Non-Fungible Token? 

Adding NFTs: For the first time ever, a car will feature an NFT digital certificate. The Tonale NFT certificate will be available at purchase and uses blockchain technology to highlight the life of the vehicle.

“The Tonale NFT certifies the car upon purchase, then evolves to represent its use during the car’s life cycle, with major benefits in terms of protecting residual value,” the company said.

This marks the first automobile company to link a vehicle to an NFT digital certificate.

“With the customer’s consent, the NFT will record vehicle data, generating a certificate that can be used to assure the car has been properly maintained, with a positive impact on its residual value.”

The company said the NFT certificate could provide credibility and reassurance in the used car market.

Carfax, which is owned by IHS Holding Ltd IHS, provides car history on used automobiles. The company tracks performance history, car accidents and ownership history.

NFT digital certificates can expand on this existing market with a more detailed report and provide more assurance to car buyers.

The blockchain technology market continues to expand to new markets such as real estate and ticketing. Using the blockchain can help provide data and an accurate historical representation of events.

What’s Next: Alfa Romeo was founded in 1910 and was acquired by Fiat Chrysler in 2007. The brand is now a part of Stellantis NV STLA thanks the merger between Fiat Chrysler and Peugeot.

The 2023 Alfa Romeo Tonale is expected to hit North American showrooms in the first quarter of 2023.

Photo: Courtesy Alfa Romeo