Carmaker DeLorean Transforms EV Reservations into Tokens on Sui
DeLorean has introduced an onchain reservation system alongside a non-fungible token (NFT) marketplace for its forthcoming electric vehicle launch, marking a fresh blockchain-oriented method for the reservation and resale of cars.
The Build Slot NFT collection from DeLorean provides holders with priority access to acquire the Alpha 5 EV, the company’s first vehicle in over four decades, inspired by the legendary flux capacitor from the classic film Back to the Future.
DeLorean has established an exclusive marketplace for NFT holders, allowing users to buy or exchange NFTs using the USDC (USDC) stablecoin on the Sui network, with opportunities to earn rewards.
According to DeLorean, each vehicle’s history and performance metrics will be documented onchain via the FLUX protocol, capturing essential information like battery condition, maintenance logs, accident records, and validated odometer readings.
This comprehensive data simplifies the process for auto enthusiasts to engage in bidding or resale activities in the secondary market, as noted by the company.
“Since our inception in the 1980s, the DeLorean brand has epitomized vision, defiance, and cutting-edge innovation,” stated Cameron Wynne, DeLorean’s chief brand officer. “Implementing blockchain technology enables us to set a new benchmark for the automobile sector,” Wynne remarked.
The introduction of an NFT-based reservation system and the tokenization of an electric vehicle showcases DeLorean’s commitment to digital assets. The brand is also pioneering with a utility token, the DeLorean ($DMC) token.
Luxury Brands Exploring Blockchain and NFTs
NFTs are evolving into digital passports for high-end goods, offering full lifecycle advantages like reservation, maintenance, resale, and exclusive membership services.
Through the tokenization of luxury items with NFTs, brands can boost their tech-savvy allure while enhancing a sense of scarcity and community value.
In 2023, global fashion brand Louis Vuitton stepped into the NFT realm, granting NFT holders unique access to select products such as a $6,400 digital mini trunk, a $9,000 bag, and a varsity jacket valued at approximately $8,400.
LVMH Group launched the AURA platform, built on blockchain technology, where luxury products are represented as distinctive NFTs containing details like the origin of raw materials, production dates, and maintenance histories.
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