Information like the make, model, year, chassis number and VIN have to be verified before The Motor Chain creates an NFT on its private blockchain. Owners will have to verify their identity and then provide accurate documentation of their vehicle. Car owners subscribe to the service, paying 50 euros a year per vehicle they want on the service. The Motor Chain is one third-party solution offering car owners and enthusiasts an opportunity to do what Alfa Romeo is proposing. However, the Italian automaker isn’t the first to exhibit this idea.
Now, we still have to see how this all plays out in person, considering the new Alfa Romeo Tonale hasn’t hit the road yet, nor the used car market. Poor documentation can kill as much as 20 per cent of a car's resale value, so these NFTs will record vehicle data and then generate a certificate to assure a prospective buyer that the car has been properly maintained.īoth the buyer and seller can benefit from this technology: the buyer receives peace of mind that the car won't be a lemon, while the seller uses the NFT as a way to protect and record the car’s life, ensuring it earns its maximum value on the market. Now, NFTs have a stigma due to people spending wads of money on what is essentially a special digital collectible, but Alfa Romeo wants to use this technology to help owners deal with resale value. Consider the upcoming 2023 Alfa Romeo Tonale, which includes the first standard non-fungible token (NFT). It might sound like a concern for classic car buyers seeking provenance, but even new cars seem to be worried about resale values. That means having logs that show when and where a car was serviced, and if any important services or checks were performed. When selling a used car, good documentation is the golden ticket to maintaining resale value.
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