Currency Economy

Porsche Steers into NFT Bandwagon

Cryptocurrency6 minutes ago (Jun 17, 2021 09:00AM ET)Porsche Steers into NFT Bandwagon

Porsche Steers into NFT Bandwagon

  • Porsche’s digital subsidiary has worked with Forward31 and launched an NFT trading platform.
  • Digital collectibles hold everlasting values and transcend the digital space
  • Car manufacturers merged blockchain technology to track carbon emissions and facilitate their supply chains

NFTs are conventions that digital technologies have dictated. They integrate the same principles of ownership onto our digital fabric. Thus, new business initiatives have been driven by acute price speculations connected with NFTs.

Companies seek ways to incorporate their assets and values into a demanding ownership economy. Business organizations venture into unexplored territories to increase their revenue streams. With NFTs surging in popularity, German luxury car manufacturer Porsche is venturing into decentralized lands by launching their own NFT trading market.

From Cars to Sports Card Collectibles

Fanzone is the NFT extension of Porsche AG. Created by Porsche Digital, which extends the brand’s vision into the digital realm, Fanzone is an online marketplace that allows users to sell or trade digital cards. The platform is built to digitize soccer trading cards and allow its users to game using their digital collectibles.

While the brand’s iconic sports car makes a collectible item, Porsche envisions a more prominent use case for their platform. Developed through the spin-off subsidiary, Forward31, Christian Knörle explained that the platform only expands on the “promising market” as demand for classical trading cards is still prominent.

Currently, the company has delivered on its promises by releasing player cards that include Germany’s male and female national team, U21 team, and players from the third league in Germany. The NFT hype is associated with known and expensive digital assets. However, as the hype diminishes, the true value of NFTs is being reflected. To that end, Fanzone is precise in digitally rendering less famous but still respectable players.

Fierce Competition Within the Space

The popularity of continental football competitions such as Euro 2020 (now taking place in 2021) aided blockchain platforms to become a viable tech application. As a result, the price of Chillz, a sport-oriented blockchain, increased by 34% amid the start of Euro 2020.

Additionally, sports platforms such as Fanzone or Socios oriented themselves to cater to national interests by releasing nation-branded NFTs. As the global pandemic impacted the revenue stream of football clubs and associations, NFTs are a micropayment mechanism to support sports organizations.

The nation of Argentina, among others, has joined club teams such as Barcelona Madrid, PSG, or Real Madrid in releasing their own national NFT. Users who contribute and purchase NFTs are rewarded through participatory incentives such as gifts, discount codes, or special promotions.

On the Flipside

  • The NFT market has experienced a 90% drop in activity since its previous all-time high.
  • Porsche is considering alternative revenue streams after the number of units sold decreased by 3% compared to 2019.
  • Blockchain is still immature and requires more time to be able to be fully integrated with EV or car manufacturers
  • The hype of football NFTs will decrease after continental competitions end their monthly cycle.

Car Manufacturing Dabbling With the Idea Blockchain

Use cases of blockchain transcend any industry. Disruption by integrating innovative technologies is not relatable to disrupting the financial market. As cars enhance their technological strengths, Blockchain adoption is becoming a necessity rather than a fad.

BMW upgraded its supply chain management by integrating blockchain for tracking and documentation. Honda and Ford joined a global initiative through the Mobility Open Blockchain Initiative, including Microsoft (NASDAQ:MSFT) and IBM (NYSE:IBM), to record CO2 emissions from building EV batteries.

The internet of things (IOT) is another course of action that requires reliable data and security to combat foul activity. AMO has partnered with KEVIA to create a robust ecosystem that tracks EV data through blockchain. Additionally, Toyota Motor (NYSE:TM) Corporation is conducting research into how vehicle lifecycles can be gathered to improve maintenance through blockchain integration.

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