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Lamborghini-backed motor racing team adopts NFT authentication for car parts

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Lamborghini Squadra Corse GT racing team Vincenzo Sospiri Racing announced that it will begin using non-fungible tokens (NFTs) to certify and authenticate factory car parts, the team announced on Tuesday.

The move is part of a pilot scheme by the company Go2NFT, which specializes in creating corporate NFTs for businesses.

In a statement, the company said the rollout could also be extended to authenticate merchandise and other official products. In March, it received a $5 million investment from blockchain ecosystem Skey Network. 

We know that provenance, accountability and quality control are key challenges for superbrands wanting to protect their IP and we believe that NFT utility can help create more trust and transparency for brands and their fans,” said Boris Ejsymont, chief business officer for Go2NFT.

Lamborghini itself launched its first NFT collection in January this year in collaboration with Swiss artist Fabian Oefner. 

However, the most famous lambo-related NFT collection is probably that of artist Shl0ms, who blew one up to protest the get-rich-quick culture of crypto earlier this year.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Callan is a reporter for The Block based in London. She started her career at an expat magazine in southern China and has since worked for publications in China, Somaliland, Georgia and the UK. She also edits the podcast ChinaTalk.

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  • Source: https://www.theblock.co/post/155852/lamborghini-backed-motor-racing-team-adopts-nft-authentication-for-car-parts?utm_source=rss&utm_medium=rss

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