Yahoo Finance Luxury Italian carmaker Alfa Romeo will release an electric vehicle that comes with its own NFT certificate
Alfa Romeo unveiled the 2023 Tonale on Tuesday — the first car with its own NFT digital certificate.
The NFT, based on blockchain technology, will certify ownership on purchase and evolve during its life cycle.
The NFT market has boomed recently and is expected to be worth more than $35 billion in 2022.
Italian luxury vehicle maker Alfa Romeo unveiled the world's first car that comes with its own non-fungible token on Tuesday.
The "Tonale", an electric hybrid car, will be the first ever to be equipped with the blockchain-based technology in the form of a digital certificate of ownership.
The certificate will be uniquely linked and will certify the car at purchase, evolving to represent its use during the car's lifecycle, Alfa Romeo parent Stellantis said.
"Based on blockchain technology, the NFT can register vehicle data to generate a confidential and non-corruptible record of the vehicle's life," the luxury carmaker's website stated.
Alfa Romeo said this will give a further source of credibility to owners and dealers to rely on and will further protect residual value.
"2023 Alfa Romeo Tonale is the most technologically advanced Alfa Romeo ever offered," parent Stellantis said.
The NFT market has seen a surge in interest and investment over the past year. It is expected to be worth over $35 billion in 2022 and over $80 billion in 2025, according to research by Jeffries as reported by CoinDesk. NFTs are unique digital tokens that represent an asset, such as a piece of audio, video or even artwork and virtual real-estate.
"Tonale is a fully connected car equipped with the most advanced technology, software and interface," Silvia Cravero, Alfa Romeo's head of info connectivity validation, said.
The vehicle will also have plug-in hybrid electric vehicle technology and will be available in the United States in 2023, the company said.
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