NFT, tool to speculate? Not for Alfa Romeo, which is considering resale

There are plenty of good reasons to be interested in the latest model presented by Alfa Romeo. Not only does the Tonale don head-turning plastic, but this crossover introduces the Italian brand’s first plug-in hybrid powertrain. However, it is not the mechanics of this Alfa expected for the summer of 2022 that makes technophiles quiver with joy: a sign of the times, it is three letters – NFT – that hold their attention.

NFT, or Non-Fungible Token. In other words, “non-interchangeable token” or “non-fungible token”. These digital elements make it possible to indisputably certify the identity and origin of an object or information. Each token is by definition unique and tamper-proof, since it is registered in a register subject to the protocol known as a “chain of blocks” (or blockchain).

In the digital art market, NFT is used to speculate — not in the used car market

Already popularized in the art world, the NFT made a remarkable appearance in the automotive world last year. As early as summer 2021, the British manufacturer McLaren announced its intention to create virtual and unique avatars of its most famous Formula 1 single-seaters. On November 2, 2021, the French Alpine became the first car manufacturer to launch a car in the form of NFT: five original liveries of the Alpine GTA Concept were auctioned, payable in crypto-currencies.

On January 17, 2022, the German Daimler announced that it had secured the assistance of five artists, invited to revisit the myth of the Mercedes-Benz G-Class 4×4, in order to produce unique and digital works. A day later, it was Italian Lamborghini’s turn to formalize his arrival in the world of NFTs: a series of five photographs by artist Fabian Oefner were authenticated and sent to their buyers via the engraved QR code on a resin plate reinforced with carbon fiber, repatriated from the international space platform. Chic and unusual.

NFTs to reassure the future buyer of a used Alfa Romeo Tonale

Alfa Romeo’s approach is much more down-to-earth. It is not a work of art that is certified authentic by an NFT token, but the vehicle itself. Alfa Romeo is the first manufacturer to associate a mass-produced car with one of these digital certificates. “Upon customer consent, the NFT will record vehicle data, generating a certificate that will guarantee that the car has been properly maintained, benefiting its residual value,” explains the manufacturer.

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Understand that the history of the revisions and visits to the workshop, as well as the evolution of the mileage will be based on an electronic register inseparable from the identification number of the vehicle, which the owner can choose to have certified. What interest ? “On the used car market, NFT certification represents an additional source of credibility on which owners or distribution networks can rely,” argues the manufacturer, which targets both private buyers and professional dealers.

16% of the 700,000 vehicles appraised in 2021 by CarVertical had a rejuvenated meter

Alfa Romeo’s approach seems to us to be full of potential. Because according to Vincent Hancart, Managing Director of Autoscout 24 France, “the main obstacle to purchases between individuals is the lack of transparency of the vehicle purchased”. That’s why he sees with a good eye “all the means allowing to better know the past of the car and to be insured against a possible problem”.

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Ghislain Trabichet is necessarily on the same wavelength, he who co-founded in 2020 Odopass, a so-called “trusted third party” application which enhances vehicles by digitizing and authenticating the history of their maintenance invoices. “Our OdoScore lets the potential buyer know if the interview has been followed and what expenses are to be expected in the short term. The more transparent we are, the more we reassure the buyer — which allows us to sell faster and at a better price.”

No more maintenance log stamped after each service: the history is archived online

Since certification by NFT remains optional, at Alfa Romeo not all copies of the Tonale will be equal. The owner who chooses to do without this authentication must present the purchaser with a bundle of invoices to establish the history of his vehicle. Because the good old maintenance book is on the way to extinction, replaced by all manufacturers by its dematerialized version. Those who still provide it (automatically or on request) do not really encourage their dealers to fill it out. From now on, the date of the service and the mileage are registered somewhere on a computer server, accessible by any representative of the brand.

Alas! The vehicle owner sometimes has difficulty obtaining this information. Too many dealerships are reluctant to go back beyond the period of ownership by the current owner of the vehicle. If he is the second or third hand, he will have to ask the previous owner(s) for their written authorization to share the contents of the maintenance booklet. Tedious.

Note that for now, the Alfa Romeo Tonale is the only model of the Stellantis Group to be equipped with an NFT certificate. Its electronic and mechanical architecture has nothing in common with that of the Peugeot, Citroën, DS and Opel models.