What does the automotive industry have to do with crypto?

Although Tesla is not the largest carmaker in the world, the company is on everyone’s lips because of the many headlines. Tesla CEO Elon Musk announced last year that he would also accept payments in Bitcoin in the future. In the weeks that followed, there was a marked price increase on Bitcoin. The jubilation was brief, however, when Elon Musk suddenly raised concerns about the cryptocurrency and its environmental credentials. The effects on the Bitcoin price did not wait, as the price of the cryptocurrency immediately plummeted by almost $ 10,000. Musk then qualified his statement in a tweet, explaining that if the mining of bitcoin became more environmentally friendly in the future, he would then accept bitcoin again as a means of payment for his Tesla cars. Although there was a real drama about bitcoin’s rapid decline in value, it also became very clear how much interest there is in the future to be able to pay for cars with digital currencies.

What role do cryptocurrencies play in the automotive industry?

Tesla is definitely at the forefront of this mindset when it comes to paying for cars with bitcoins. But Tesla is not the only company considering this type of payment. There are definitely other providers that allow their customers to buy cars based on blockchain. Above all, these are providers in the luxury car industry.

The concepts of “technical lead” and “innovation” have always been associated with the automotive industry. Although internal combustion engines were rejected in their early days, the automotive industry nonetheless made them very popular. Last but not least is the development of electric cars, which stand for mobility in the 21st century. But now the car industry has also discovered the blockchain itself. The entire industry benefits from this achievement, which applies to manufacturers as well as dealers and ultimately even race drivers.

When Bitcoin conquered the market, it simultaneously brought the blockchain to market, as everyone knows. Both are responsible for decentralized money transfer. This type of money transfer has also not gone unnoticed by online casinos. Therefore, for example, more and more industries are accepting cryptocurrency as a means of payment, and crypto casinos are now on the market to offer customers not only an optimal, but above all a secure gaming experience.

NFTs are also conquering the automotive industry

The hype surrounding NFTs began in 2021, the end of which is not yet in sight. Again and again you hear and read about exciting NFT sales made by well-known auction houses such as Sotheby’s. Both art lovers and car fans have always tried to find ways to present their treasures effectively. The Barrett-Jackson auction was probably the biggest coup in history. It was about four NFTs that looked like cars from the real world. For the first time, a Ford Mustang Mach 1, a Ram 1500 TRX Launch Edition and a 2021 Ford Bronco Coupe were sold not only physically but also as an NFT.

© Ford Bronco Sport

In addition to the vehicles, the digital rights were also sold at this NFT auction at the same time. The proceeds from the sale of the four models, which were sold in a matter of minutes, amounted to more than 60,000 euros. In return, buyers received digital packaging with an exclusive video, illustrations and more photos.

Racing and the cryptocurrencies

Blockchain is not only present in the automotive sector but also in racing. The possibilities in racing are almost limitless just because of the countless races all over the world. In particular, cryptocurrencies offer enormous growth potential here. Example: The fan token, which among other things gives ardent racing fans the opportunity to contact their idols.

Fan tokens can be purchased at an online marketplace. Depending on the supply, they provide access to merchandise items and marketing campaigns. The token network allows fans to influence future decisions regarding the team. Among other things, it influences decisions about which helmet color to use, or the naming of the new workshop or garage. Some of the big ones already have Formula 1 team fantoken on sale. These include McLaren Racing, Aston Martin and Alfa Romeo.

Some racing providers also offer various NFT art collections in addition to the fan tokens. For example, McLaren is trying to create an NFT fan experience platform thanks to the partnership with Tezos. Digital art is offered here, highlighting McLaren’s famous racing history.

But there is also another area that combines cryptocurrencies with racing, meaning sponsorship deals. According to media reports, NASCAR plans to release a Dogecoin car. The Dodge Chevy Camaro was driven by Stefan Parsons when it made its debut. He became number 99 in the NASCAR Xfinity Series and quickly became a star on Twitter. However, the Doge Chevy Camaro was eliminated quite early, resulting in a price drop of more than 20 percent over the previous week.

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