Han Sung Motor, a South Korean imported car dealer, has rolled out Non-fungible tokens, or NFTs, are used to provide customers with a safe and convenient experience that allows them to check car details via their smartphones.
Accordingly, the company regards the NFTs a step towards reducing paperwork costs. Ulf Ausprung, Han Sung Motor CEO, noted:
“We will continue actively integrating digital systems in the future to increase brand familiarity and immersion among millennials and Gen Z.”
By digitizing its system, the auto dealer intends to follow an emerging global trend and appeal to the younger generations by creating “fandom.”
Thus, the NFTs will contain texts, videos, pictures, and certificates of ownership for the digital warranty for secondhand vehicles purchased at Han Sung Motor. Ausprung added:
“Han Sung Motor will continue to digitize different sectors and will actively launch ESG campaigns to communicate with customers in their 20s and 30s.”
The NFTs developed by blockchain firm Alman Co. seeks to revamp the auto dealer’s operations by acting as a digital warranty.
Non-fungible tokens, which are digital assets that are blockchain-based, are worth their uniqueness. They must be purchased as a whole and are not divisible.
NFTs differ from other crypto tokens in that they can be exchanged for another. NFTs cannot be traded for tokens that are fungible, while tokens that are finite can be.
These traits are therefore of intrinsic value to NFTs due to their limited supply.
Meanwhile, Etihad Airways recently revealed plans to release its first NFT collection aimed at boosting travellers’ satisfaction levels, Blockchain.News reported.
The NFT collection would comprise 2,003 limited-edition collectibles, including Etihad’s Manchester City FC and Greenliner-themed aircraft and was expected to open the doors to future metaverse merchandise.