Italy-based car manufacturer Alfa Romeo reportedly disclosed details related to its most recent vehicle, the Tonale SUV – the pioneer in the market to link each vehicle to its own blockchain-powered token. 

Specifically, the blockchain-based NFT token, the Tonale NFT, connection for every vehicle – among the many functionalities that reportedly help it stand out in the market – which provides certification of a car for every purchase, simplifies the records and offers safe keeping for the vehicle’s lifespan.

“Upon customer’s consent, the NFT will record vehicle data, generating a certificate that can be used as a guarantee of the car’s overall status, with a positive impact on its residual value.” Francesco Calcara, head of global marketing and communication at Alfa Romeo, further remarked.

Automobile entities are reporting making more and more investments in the NFT sphere, with insights suggesting it will hit the $240 billion benchmark by the end of this decade – minting unique collectible digital tokens which from time to time come with vehicle purchases.

Blockchain is reportedly having an increased number of real-life use cases throughout different industries – from real estate buys to engagement tokens for sports supporters.

NFTs have reportedly been the talk of the town recently with businesses putting in extensive efforts to hop aboard the train of this innovative tech.  

Different manufacturers of luxury vehicles such as Lamborghini, Rolls-Royce, and Mercedes-Benz reportedly also tipped their toes in NFTs, with Lamborghini introducing its first NFT initiative – “Space-Time Memory,” a set of five pictures showing a Lamborghini Ultimae going into space.

Mercedes-Benz reportedly forged an alliance with Art2People to build a limited-edition Mercedes-Benz NFT collection, with inspirations taken from its G-Class vehicle lineup.