Cryptocurrencies Enter the Automotive Industry

cryptocurrencies
cryptocurrencies
Subscribe  


The automobile industry zamThe moment was at the cutting edge of technology and innovation. Therefore, it is not surprising that cars and car enthusiasts are interested in crypto.

The innovation methods of the automobile industry are endless. Popularizing combustion engines, bringing carbon fiber into the mainstream, and bringing electric travel into the 21st century. Automakers, auto dealers, and even auto racers are now benefiting from the attention and innovation that comes with blockchain.

Tesla is in the headlines

Tesla is not the world's largest automaker. But this year, he's putting cars at the forefront of cryptocurrencies.

In March, Elon Musk announced that Tesla would begin accepting payments with Bitcoin. So like Bitcoin if you buy cryptocurrencyYou can use it to pay for your Tesla.

The announcement was acknowledged as a contributing factor to BTC's rally in the weeks that followed.

The celebration was short-lived, however, as Musk withdrew his commitment to cryptocurrency in May due to environmental concerns. Musk's announcement once again impacted the market, this time bringing it down to around $10.000.

Musk later clarified his stance in a tweet. He stated that if miners try to be more environmentally friendly, Tesla will continue to sell cars for Bitcoin.

“When there is confirmation of reasonable (~50%) clean energy use by miners with a positive future trend, Tesla will continue to allow Bitcoin transactions,” Musk said in a tweet in June.

Despite all the drama surrounding Tesla's acquisition for Bitcoin, the incident showed the crypto community's interest in paying for cars with the token of their choice.

Car offer for crypto

Tesla isn't the only car company that accepts payments in cryptocurrency, although it's grabbed all the headlines.

Many other companies offer consumers the ability to purchase cars on a blockchain. Some have already done this for a while.

While most of these are luxury car dealerships catering to high-end customers, some take a more unique approach.

Another business that has taken an innovative approach to car sales via crypto is BitCar. The company only accepts Bitcoin as payment and allows partial ownership of high-end cars, from supercars to luxury cruisers.

This notion of ownership and luxury is another interesting part of the blockchain, reminiscent of NFTs.

Automotive inspired NFTs

While the 2021 NFT craze slows, it shows no signs of stopping.

Automotive enthusiasts zammoment is looking for new ways to show their appreciation. They are also looking for new and rare collections to add to their showcases. This makes them an excellent resource for the development of NFTs.

One of the biggest stories comes from a recent Barrett-Jackson auction. He exhibited the NFT, which consists of four world class cars, the latest model that he sold to the association free of charge in March.

Another big name vying to enter the world of NFT is the Fast & Furious franchise. The seventh edition of the long-running film franchise featured a very rare Lykan HyperSport in a scene set in Abu Dhabi. The car was auctioned for $535.000 in May, along with NFT.

Technically an automaker, Hot Wheels has also announced that it has the goal of creating an NFT collection. Each NFT is one-of-a-kind, selling for around $5.000 each.

Crypto fans zoom in

It's not just the cars themselves that are being moved to the blockchain, but there are also races.

With countless racing leagues around the world, there are endless opportunities for the autosports world to get the most out of crypto.

For example, racing and crypto have come together as fan tokens.

Fan tokens are becoming a popular way for hardcore fans to interact with and even influence their favorite sports teams.

Tokens are often purchased through a marketplace and offer a truly interactive experience for buyers. Depending on the specific offer, fan tokens allow users to vote on products, marketing campaigns and even real-world team decisions.

The decisions that token holders can vote on are usually related to what color helmet a racer will wear or the name of a new garage purchased by the racing team.

A few big names in Formula 1 have already started offering fan tokens, including McLaren Racing, Aston Martin and Alfa Romeo.

These partnerships not only offer fan tokens, but also zamCurrently, race teams are also offering a variety of NFT art collections for fans to invest in.

For example, McLaren plans to make the most of its partnership with Tezos and create an NFT fan token experience platform.

The platform will offer digital artworks highlighting McLaren's rich racing history, including key wins and famous drivers. Art, digital trading cards, music, tweets and memes are all expected to eventually find a home on the platform.

crypto sponsored cars

Another area where cryptocurrency and race come together is sponsorship deals. NASCAR recently announced that a new Dogecoin-themed car will hit the track.

The 99 Doge Chevy Camaro, driven by Stefan Parsons, made its debut in the NASCAR Xfinity Series and was very popular at the top of the green flag.

Dogecar even trended on Twitter. Despite the cheating, and like Dogecoin itself, the number 99 hit the wall pretty hard early in the race.

The market responded in the same way by experiencing a collapse of its own, with prices falling more than 20% from the previous week.

This may come as a surprise to many fans of both Dogecoin and NASCAR, but it's not the first time a car has been wrapped in Doge's phrase.

Wise somehow becomes aware of the mission and manages to fund the Talladega trip through the campaign.

Wise is competing for Stefan Parsons father Phil Parsons during this time. Therefore, racing a Doge car becomes a kind of family tradition for team owners.

driving into the future

Cars and cryptocurrencies complement each other well. More projects and innovations will likely emerge in the future.

It looks like there is a car capable of crypto mining and even more ways to pay for cars with coins on the horizon.

Be the first to comment

your comment