South Korean Car Dealer Launches NFTs to Reduce Paperwork Costs


Han Sung Motor, a South Korean imported car dealer, has rolled out non-fungible tokens (NFTs) to offer customers a secure and convenient experience based on the option of checking car details using their smartphones.

NFT1.jpg

Therefore, the company sees the NFTs as a stepping stone toward minimizing 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.”

 

Therefore, the NFTs will comprise texts, videos, and pictures certifying ownership of the digital warranty for second-hand cars bought 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 are blockchain-based digital assets whose value is pegged on their uniqueness, given that they are non-divisible and must be bought as a whole. 

 

As a result, NFTs are different from typical crypto tokens because of fungibility. A fungible token can be exchanged for another, whereas an NFT cannot be based on its finite nature.

 

Therefore, these traits create intrinsic value for NFTs because of 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. 

Image source: Shutterstock



Credit: Source link

Discover

19,463FansLike
232,230FollowersFollow
79,868FollowersFollow
13,686FollowersFollow
2,920SubscribersSubscribe

Sponsor

spot_imgspot_img

Latest

Why Chanel Is Opening Private Boutiques

Follow The Debrief wherever you listen to podcasts.Background:As traffic to stores soars, Chanel’s chief financial officer Philippe Blondiaux said the brand plans to...

Jennette McCurdy Reveals Why She Refused To Join The Icarly Reboot

Icarly was one of the most iconic shows that Nickelodeon ever made, which ran...

How People With Very High Emotional Intelligence Use the ‘Fortune Cookie Rule’ to Become Super-Resilient

I think we should start with the high school humor, and then work our way toward the emotional intelligence. When I was a teenager,...

Whoopi Goldberg Slams Seemingly Racist ‘Rings of Power’ Fans 

Not holding back! Whoopi Goldberg and her cohosts on The View reacted to fans of Lord of the Rings: The Rings of Power...

Kim Kardashian’s Skin-Care Line Is Already Facing a Lawsuit

When we caught wind that Kim Kardashian’s newly launched brand, SKKN BY KIM, is facing a lawsuit for trademark infringement, we were immediately...
en English
X