DeLorean is rolling out an onchain reservation system and marketplace on Sui, offering users priority access to its upcoming EV.
DeLorean has implemented a novel blockchain-based approach to the reservation and resale of automobiles by introducing an on-chain reservation system and non-fungible token (NFT) marketplace for its forthcoming electric vehicle launch.
DeLorean’s Build Slot NFT collection gives holders priority access to purchase the company’s forthcoming electric vehicle, the Alpha 5 EV.
The model, which was inspired by the iconic flux capacitor from the film Back to the Future, is the carmaker’s first vehicle in over 40 years.
The company established an exclusive marketplace for its NFT holders, where users can purchase or trade NFTs using the USDC stablecoin on the Sui network and receive rewards.
According to him, the FLUX protocol will record each vehicle’s history and performance data on-chain. This data will include critical information such as battery health, maintenance records, accident history, and verified odometer readings.
The company stated that this comprehensive data simplifies bidding on or reselling vehicles in the secondary market for auto enthusiasts.
He has been a symbol of vision, rebellion, and futuristic innovation since its inception in the 1980s,” stated Cameron Wynne, the chief brand officer at DeLorean. Wynne said, “We are establishing a new standard for the automotive industry through blockchain technology.”
DeLorean’s interest in digital assets is indicated by the tokenization of an electric vehicle and the NFT-based reservation system. It is also the first automobile manufacturer to introduce a utility token, the DeLorean ($DMC) token.
Luxury Brands Are Investigating Blockchain Technology, NFTs
NFTs are evolving into digital passports for luxury products, providing access to a comprehensive range of benefits, including reservation, maintenance, resale, and membership services.
Brands can reinforce a sense of scarcity and community value while enhancing their technological appeal by tokenizing luxury products using NFTs.
In 2023, Louis Vuitton, a global fashion brand, entered the NFT market by providing exclusive access to specific products, including a $6,400 digital mini trunk, a $9,000 purse, and a varsity jacket valued at approximately $8,400.
The blockchain-based AURA platform, which LVMH Group launched, represents luxury products as distinctive NFTs that include information regarding the origin of raw materials, production date, and maintenance history.
