Tag: alfa romeo

Aston Martin & Alfa Romeo Launches Fan Tokens as the First F1 Teams

Racing sports are becoming more Crypto-friendly to accept tokens. Formula One (F1) racing teams Aston Martin and Alfa Romeo reportedly become the first F1 teams to issue fans tokens of crypto on the Socios.com platform.

Two sources reported that fans token are provided by Socios and bought with CHZ, which will start trading on coming Thursday. Tokens’ holders can practice their rights to vote, earn extra VIP rewards and receive exclusive promotions. Also, it is just like other similar tokens. These coins are accepted to trade on the crypto exchanges.

Besides, racing teams can benefit from getting a percentage of commissions by selling each token, with an additional share of trading fees generated from the crypto exchanges, such as Binance.

Fred Vasseur, Alfa Romeo team Principal, welcomed fan tokens. He believed that these tokens provide an opportunity to teams intergrade with their dead-heart fans and offer good income streams for those squads to sign up.

Launching a fan token will provide our growing legion of fans with a new way to interact with the team, which is a key aspect in our quest to bring our followers closer to the team with everything we do.

Jefferson Slack, Aston Martin’s commercial director, also excited about the fans token for the team. “This gives us the best possible opportunity to give our fans a seat at the table and help us to tell our story in a new and exciting way”. Slack said.

The fan tokens are unique as each team can only offer a finite supply that is fungible and would not expire. Supporters can exchange, trade freely.

Regarding the connection between crypto and racing sports, Crypto.com, a Hong-Kong based crypto exchange platform announced early that the company officially sealing in the partnership with Aston Martin, which is considered as the first cryptocurrency platform to partner with the F1 team.

Alfa Romeo Unveils Tonale SUV with NFT Tracking Capabilities

Stellantis-backed Italian automobile brand, Alfa Romeo is launching a new Sports Utility Vehicle in 2023, the Tonale and it will incorporate Non-Fungible Tokens (NFTs) and blockchain technology in its data capturing procedures. 

As reported by CNBC, the captured NFT data from the Tonale SUV will record and store data all through the vehicle’s life cycle.

Amongst the data that will be captured are the maintenance data, all of which are collected when the car is serviced at Alfa Romeo accredited dealers only. Each of the Tonale SUVs is certified right from when they are purchased and the NFT register of their maintenance data helps estimate a very good residual value.

“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.”

While the Alfa Romeo Tonale SUV will be the first to utilize an NFT and blockchain to issue data certificates, other auto brands have been utilizing or embracing blockchain technologies in more ways than one in the past. Indian automotive company Tata Motors has been integrating blockchain-focused solutions since 2019, whereas Swedish automotive brand, Volvo once invested in Circulor, a London-based blockchain company majoring in industrial supply chains.

Away from the active embrace of blockchain technology as a resource tool to enhance key aspects of their operations, outfits like Tesla have chosen to leverage the tokenization capabilities of blockchain, and once accepted Bitcoin as a payment method for its products in the United States. While Tesla has halted its Bitcoin payments program, it still has sizable holdings in BTC as an asset on its balance sheet. 

Italian automaker Lamborghini floated its NFT collection last week, setting a new milestone that is arguably uncommon in the automotive industry.

Image source: Blockchain.news

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