We’ve seen NFTs be used for many different things. They’ve been used to sell art and souls, issued as sentimental collectables and even used to distribute royalties. But every other day, we find another quirky application of these blockchain-based assets.
The latest application comes from Vincenzo Sospiri Racing, a Lamborghini-backed racing team. It has been announced that the team will be partnering with Go2NFT in order to leverage NFTs for the authentication of racing car parts. This marks the first time NFTs are being used in the racing industry for this purpose.
As per the announcement, the NFT certifications for the car parts will be held on the Skey Network blockchain. All these efforts are in a bid to ensure that all parts are confirmed to be authentic and that there are permanent records of all of them.
The quality of the parts used in a car can make all the difference in a race and to be able to create this level of quality control is invaluable for a team.
“This also brings great responsibility to ensure that we can securely authenticate and audit every part of our racing fleet to monitor performance and ensure provenance,” the team says.
Blockchain, in general, has been used to confirm authenticity in the past, with even universities storing diplomas on blockchains to combat degree fraud. As such, NFTs can easily be applied to the racing industry for recording the details of car parts.
But Vincenzo Sospiri Racing isn’t stopping here. Besides the parts, there are also plans to authenticate the team’s merchandise using NFTs. This way, its fans can rest assured that the merchandise they are paying for is legitimate. The counterfeit sports merchandise market is worth billions and leads to lost revenue for teams all around the world.
NFTs are already being used to deliver and authenticate ownership of all sorts of assets, both digital and physical, so this is likely a good match.
“We believe that NFT utility can help create more trust and transparency for brands and their fans. This project with VSR is just the start of many such co-operations for beloved brands across the globe,” said Go2NFT executive Boris Ejsymont in an interview with Cointelegraph.
More announcements are expected regarding both the part and merchandise authentification program soon.
NFTs in Racing
We’ve seen NFTs in many industries over the years but it is surprising to see them applied to the racing sector. Usually, they would be leveraged to release collectables for teams or racers but their use for authentification is somewhat new territory.
But this could be a very good thing for NFTs. a lot of the hype surrounding them right now is about them as speculative assets or collectables. If more emphasis is put on their utility within industries, they are more likely to stand the test of time and be widely used well into the future. Needless to say, they seem to have found their place on the racing track.