Automobile manufacturers are increasingly entering the NFT space by launching unique digital tokens that are often bundled with various benefits. The NFT space is projected to become $240 billion by 2030. Hyundai, MG Motors, Porsche and Audi are some of the few car manufacturers who are vanguards in the automobile NFT space.
Hyundai Motor Company launched metamobility NFTs in collaboration with ‘Meta Kongz’, an NFT brand. Hyundai revealed metamobility concept to pioneer a smart-device metaverse connection that will expand mobility through VR.
Porsche released three NFT digital art pieces featuring the Taycan Turbo
Audi launched its first NFTs in China using the xNFT protocol. Audi has become the first automotive manufacturer in the world to bring virtual-reality (VR) in-car entertainment from startup holoride into series production.
MG Motor India launched 1111 units of digital creatives NFT collection. The automaker will introduce its maiden NFT on KoineArth’s NgageN platform that has been especially customised for MG' transactions.
In 2021, renowned car customization and fabrication shop West Coast Customs ventured into NFT space by launching CarCoin project. The Project offers a tiered membership program of NFT car-related art. It also incudes a FastLane program that will provide NFTs of experiences with A-list celebrity car enthusiasts, along with a single NFT for one lucky winner that unlocks a real cryptocurrency-themed car.
Interestingly, an NFT representing the first digital Formula 1 car in the blockchain game (F1 Delta Time) was sold to anonymous buyer for $110,000. A stunt car named Lykan HyperSport, used to fly between skyscrapers in Abu Dhabi during Furious 7, along with its associated NFT, was sold the same year. These transactions present increasing scenarios NFTs are used the digital and physical car space.
In 2022, A whole list of automobile brands entered NFT space with some tip toeing into VR/AR and metaverse space.
Italian carmaker, ‘Alfa Romeo’ announced its entry into the NFT space with its latest SUV - ‘Tonale’.
Mahindra & Mahindra Ltd. announced the release of its first tranche of NFTs—based on the Mahindra ‘Thar’—in partnership with Tech Mahindra.
Luxury car manufacturer, Bentley Motors, announced its first, one-time release on the carbon-neutral ‘Polygon’ network in the NFT marketplace. The sustainable NFT release has 208 pieces of unique artwork by Bentley Design will be available for customer purchase and offer holders exclusive rewards, opportunities and utilities.
Italian car brand, Lamborghini released its first limited-edition NFT digital collection of artwork accessible only through the Lamborghini ‘Space Key’.
British luxury carmaker, ‘McLaren Automotive, earlier this year, announced their entry into the metaverse in partnership with InfiniteWorld to enable the brands to create, monetize and drive consumer engagement with digital content. The digital collectibles will provide its customers with a deeper digital experience of original NFTs and digital artwork representing McLaren’s luxury supercars and hypercars. Some NFTs may be offered with additional unique benefits, including access to exclusive, buyer-only experiences. Al NFTs will then be made available on a McLaren marketplace.
Chevy announced plans to auction a Corvette-themed NFT, raising the stakes by revealing that the highest bidder will get an actual sports car along with the digital artwork
Mercedes Benz has associated with aura blockchain consortium to luanch NFT tokens
Kia partnered with Sweet NFT platform to release 10,100 NFTS
Volkswagen has partnered with microsoft to bring AR experience to the platform
Ford has filed 19 trademark applications for all of its major brands in order to enter the metaverse and the NFT space. The company plans to offer:
a. Virtual automobiles, SUVs, trucks and vans, land vehicle parts and accessories, and clothing
b. Online retail store services featuring NFTs and digital collectibles
Recently, Formula One filed 'F1' trademarks covering crypto, NFTs and Metaverse. The filed trademarks suggest that F1 has plans to play an active role in the Web3 ecosystem. The trademark covers software for use with cryptocurrency, meta tokens, digital collectibles and NFTs etc.
In addition to exploring NFT space, Automaker Bentley and BMW are planning to enter enterprise metaverse and have already using NVIDIA’s Omniverse to create digital twins of their vehicle manufacturing facilities. In the coming years, we can expect to see increased utilities of NFTs, tokens usages in the automobile sector. When metaverse technologies matures, combined with digital twin, the automobile sector can is expected to revolutionize operations and customer engagement to gain greater benefits.
Neo Generalist