The concept of cryptocurrency is not new. More than a decade has passed since Bitcoin’s inception. However, there have been many more instances of cryptocurrencies since then, and it has always been of tremendous interest to a wide range of individuals. Several recent news reports on bitcoin and the automobile industry have aroused people’s curiosity.
The automotive industry is one of the world’s most important industries. Millions of people worldwide now have access to cutting-edge technology thanks to automotive breakthroughs. And as the link between the automotive industry and blockchain technology develops, this engagement will be very beneficial to both parties.
Using Crypto To Purchase Vehicles
There is a significant potential for a major shift in the way people purchase new automobiles if Bitcoin and other cryptocurrencies become widely accepted payment methods. A fresh grad and entry-level white-collar worker may make a bitcoin investment in their first year of employment, at which time they might only be able to buy a Toyota Corolla as a means of transportation. That Bitcoin may become valuable enough to purchase a BMW 4-Series in six months. The notion of investing in automobiles has the potential to become a new craze.
Despite getting all the attention, Tesla isn’t the only automaker accepting cryptocurrencies as payment. There are a number of other firms that allow users to buy automobiles on the blockchain. Some have been doing it for some time. Most of them are high-end vehicle dealerships, but a few are doing things a little differently.
An example of a business that caters to customers interested in purchasing an automobile using cryptocurrency is AutoCoinCars. AutoCoinCars fills the need left by most traditional vehicle dealerships by accepting bitcoin payments.
They act as an advertising conduit for dealerships that they have collaborated with by hosting a virtual showroom on their webpage for their customers to see. In addition, the company acts as a payment processor, accepting all major cryptocurrencies. AutoCoinCars then compensates the dealer in the currency of their choice.
BitCar is another company that is using cryptocurrency to sell cars. The corporation exclusively takes payments in bitcoin and offers partial ownership of premium automobiles, ranging from supercars to cruisers.
There is a similarity between this concept of fractional ownership and NFTs, another blockchain sector that has been receiving attention.
NFTs Becoming Prominent In The Car Industry
NFTs are becoming more popular, and the trend shows no indications of abating. NFT sales by high-profile artists and designers, celebrities, and professional athletes are becoming more commonplace.
Automobile lovers have long been on the lookout for novel methods to demonstrate their admiration for their favorite vehicles. They are constantly searching for new, unusual artifacts to put to their collection of items on display. As a result, they provide a perfect setting for NFTs to thrive.
An auction held by Barrett-Jackson recently made headlines as one of the most major events. It included four NFTs that were inspired by real-world automobiles that were donated to charity in March 2021.
The fact that they are all VIN 001 autos distinguishes them as exceptionally unique. So each of the automobiles auctioned, a Ford Mustang Mach 1, a Ram 1500 TRX Launch Edition, and a 2021 Ford Bronco coupe, are the very first vehicles ever produced for their respective series.
The automobiles themselves were not sold during the NFT auction, but rather the digital rights to the sales were. The winner got a digital package with an exclusive film, drawings, and a triad of still pictures, as well as other prizes. A total of more than $60,000 was raised through the sale of the four NFTs in a short period of time.
The Fast and Furious series is another well-known name that has entered the NFT market. In the seventh installment of the long-running movie series, a highly rare Lykan HyperSport appeared in an Abu Dhabi scene. In May, the automobile and its NFT were auctioned off for $535,000 at a local charity auction.
One of the first companies to reveal plans for an NFT collection was Hot Wheels. It pays homage to some of the most iconic automobiles from its illustrious history. These NFTs are all one-of-a-kind works of art, and each one was sold for roughly $5,000.
Another prime example of NFTs getting into the car industry is the future plans of some great manufacturers.
Ford is interested in employing NFT technology to store data such as car registration, automobile service records, proof of insurance, and driver info all inside your vehicle. As of right now, every driver has access to this data, but it is spread across many repositories.
Consider, however, what would happen if all of that material was captured and kept as NFT.
You would have the ability to make changes to the information recorded on your vehicle’s NFT.
No more standing in line at the DMV for tabs or lugging around a paper registration or proof of insurance; your ownership and insurance documents might be instantaneously updated.
It’s also becoming increasingly common for automobiles to be equipped with a variety of interconnected devices as electric vehicles and automotive technology continue to progress. NFT technology might safeguard automobiles from hackers, secure vital system software, and be used to install vehicle upgrades securely.
Getting The Fans Involved
The sport of racing has also decided to move to the blockchain, in addition to the vehicles. As there are various racing leagues across the globe, cryptos may be used in almost any way possible. This is evident in the form of tokens for fans of racing, for example.
Hardcore sports fans are increasingly turning to fan tokens as a means of interacting with and even influencing their beloved sports team. For the most part, tokens may be acquired on a marketplace and offer a unique level of interactivity to the user. Fan tokens may provide consumers access to items, marketing campaigns, or even the chance to vote on actual team decisions. What color helmet a driver will use, or the racing team’s new facility title, are examples of decisions token holders may vote on. McLaren Racing, Aston Martin, and Alfa Romeo are just a handful of the well-known Formula One teams currently selling fan tokens to their fans.
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About The Author
Hamed Paydarfar (155 Articles Published)
Hamed is a literature student, writer, musician, and car enthusiast. His favorite topics to write about are cars, tech, and gaming. When he’s not writing, he’s either playing music or listening to it.
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