Alfa Romeo's latest release features NFT and blockchain technology

The company believes the NFT will improve its secondhand value
February 09, 2022 - Tom Peters

Something makes the Alfa Romeo Tonale SUV special, and it is not just the fact that it marks the beginning of the brand's transition into electric vehicle production. Rather, it is also the fact that each iteration of the Hybrid SUV comes with an NFT certification – something the company claims it is the first in its field to implement.

According to the Italian carmakers, each Tonale bought comes with a complimentary NFT. This NFT serves as proof of ownership and contains the build specs of the vehicle. The digital certificate also records data on mileage, number of battery charges, service data, and other maintenance records on the blockchain (on the owner's consent). However, servicing of the car must be handled by a certified Alfa Romeo dealer before the data can be recorded. 

 

The record-keeping NFT provides extra credibility that buyers in the secondary market can rely on since they can confirm how well the car was maintained. Alfa Romeo believes this feature will boost the car's value in the secondhand market.

"Digitalization is a key enabler of our metamorphosis. Tonale is the first car ever to keep a blockchain, non-fungible token. NFTs are based on the same distributed information logic that protects your Bitcoin," Francesco Calcara, head of Alfa marketing and communication, said during a media briefing. "It records all data on the blockchain."

Details on how the Tonale NFTs will work are limited, for example, the blockchain the NFTs will work on is currently undisclosed. However, Nick Cappa, the company's spokesperson, revealed that the company plans to "soon" extend NFTs to "the whole Alfa Romeo lineup."

The Tonale will be available to order in the fourth quarter of 2022, with plans to ship in the first quarter of 2023. 

 

Alfa Romeo is currently undergoing a transition as the brand plans to focus exclusively on electric vehicles in a few years. Alfa Romeo's Tonale will be one of the last cars from its lineup to use an internal combustion engine. 

 

The automobile industry has been showing interest in the NFT space recently. The luxury Italian car brand Lamborghini recently released its exclusive NFT collection. Top teams in the Formula 1 competition are also experimenting with NFTs – either having released an NFT collection or planning to.

Photo: Alfa Romeo

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