Bentley Motors Launches NFTs

2022-07-12, 02:29

[TL; DR]
Bentley Motors will launch 208 NFTs in September 2022.
Bentley will use the Genesis NFTs to reward its loyal fans and customers.
The company will also explore other web3 technologies such as non-fungible chips (NFCs).
The Bentley NFTs will exist on the Polygon chain.
GM Motors India and Mercedes Benz are other car manufacturing companies that have adopted the blockchain technology.

Keywords: Bentley Motors, car manufacturer, metaverse, NFTs, Polygon, digital assets

As web3 expands its scope, companies see new opportunities to improve their brands, community involvement and corporate social responsibility. One way in which companies use this evolving technology is through the metaverse and NFTs. In this respect, the car manufacturing sector is capitalizing on this to improve their brands and to engage their existing and potential clients. Recently, we have seen car manufacturers launching NFTs which represent some vehicle models and their attributes. The other reason for the car manufacturers to venture into NFTs is to increase their revenue following the decline in sales as a result of the Covic-19 pandemic. On 22 June, Bentley Motors, one of the world’s top luxury car manufacturers, announced a plan to launch its NFT collection.

Bentley Motors Genesis NFTs

Bentley has announced its intention to launch its genesis NFT tokens in September 2022. According to the plan, the company will produce a limited edition of 208 NFTs on the Polygon Network. Bentley Motors is well-regarded for its Grand Type Tourer (the Continental GT Speed) and the iconic R- Continental of 1952. The company believes that entering the metaverse and NFTs sectors will bring immense value to its community. However, the introduction of the NFTs is not the end of Bentley’s venture into the web3 economy. Its aim is to expand its technological capacity in the sector so as to boost its business performance and move with time.

Source: Newsshunt

The Bentley NFT will bring a new approach to the way it does business. This is because it is a means of connecting with its community. Basically, the company will use the NFT to reward its loyal customers .The other intention is to use the NFT to expand its corporate social responsibility. Bentley has promised to explore other digital technologies such as non-fungible chips (NFCs), web3 gaming and the metaverse. In addition, it focuses on utilizing the blockchain technology in its operations and support functions.

Philanthropic vision

Bentley Motors plans to use its NFTs to promote its corporate social responsibility mission. Its philanthropic objective is to assist students pursuing engineering and manufacturing fields. It will offer more assistance to the various areas of study which are a source of its talent. Aside from this, it promises to cooperate and support organizations that promote sustainability in different sectors. The company will unveil more details on its vision when it launches the genesis NFT.

The significance of 208 NFTs

When Bentley Motors announced that it will unveil its genesis NFTs in September, it explained the significance of launching exactly 208 NFTs. 208 is the top speed of Grand Tourer (the Continental GT Speed), its fastest car make. Second, Bentley Motors produced a total of 208 R-Type Continental of 1952. Therefore, Bentley will launch 208 genesis NFT as a way of celebrating these two historic achievements.

Reasons for choosing Polygon

Considering that there are many blockchains which Bentley would have chosen to produce its first NFTs, you may wonder why it selected Polygon.The main reason is Polygon’s carbon-neutrality status. In fact, Polygon has committed to becoming carbon negative in 2022, something which is connected to global sustainability. As you can tell, both Polygon and Bentley Motors promote green production. In the same vein, Bentley aims to become carbon- neutral by 2030. This is because one of its key objectives is to produce electric vehicles by that time.

Source: Otosection

In this spirit, the co-founder of Polygon, Mihailo Bjelic, said, ““Polygon is excited to expand our partnerships in the automobile industry, by working with the most prestigious brand in its sector. Polygon will provide the sustainable, low-fee infrastructure Bentley requires for its foray into Web3. By embracing this novel tech, Bentley secures its position in the next iteration of the internet, and doing so via Polygon’s carbon-neutral network will assist the automaker on its journey toward attaining carbon-neutrality by 2030.”

The team’s key reason for launching NFTs

The Bentley Motor leadership has clearly pointed out the reason for entering the NFT and metaverse sector. A Member of the Board of Management, Alain Favey said, “Bentley customers are living their lives online, purchasing luxury goods with digital currency, and establishing businesses in the Metaverse. We’ve always engaged our customers where they explore their passions, and today that means being present in digital marketplaces and offering NFT assets. We’ve seen how NFTs have raised the profiles of both art and artists, and we believe the same can happen in the luxury automotive space.”

Benefits car manufacturers derive from using web3 technology

Bentley Motors is not the first and only car manufacturing firm that has entered the NFT sector. In December 2021, GM Motors India produced its first collection of 1 111 NFT tokens. Mercedes-Benz partnered with Circulor, a blockchain start-up with the aim of adopting NFT technology. The Premium Italian car brand Lamborghini has also adopted the NFT technology. These companies understand the need to accept and perpetuate trending pop culture and the related technology to move along with their customers and other clients.

The importance of the blockchain technology in the car manufacturing sector

The blockchain technology in general and the NFT technology in particular are essential for car manufacturing companies. In this era of web3 technology, these companies can reward their loyal fans using NFTs and other digital assets.

Source: Thenewstack

The companies can also use the proceeds from NFTs to promote various charity missions.This is possible as companies can donate a share of the revenue generated from NFTs for social causes on an ongoing basis.

Again, NFTs which are connected to a line of vehicles can benefit the companies in the very long run. The reason is that the car manufacturer will be able to get additional revenue when there are resales of these cars in the future.

Conclusion

In conclusion, Bentely Motors will launch its NFT tokens in September 2022. Bentley will use the Polygon chain to produce the NFTs. Apparently, Bentley Motors and Polygon have something in common, they strive to become carbon neutral in the near future. NFTs will enable Bentley to attain its philanthropic vision as well as rewarding its loyal fans. Interestingly, Bentley is not the first car manufacturing company to venture into NFTs. GM Motors India produced its first collection of 1 111 NFT tokens. Mercedes-Benz, Premium Italian car brand Lamborghini and GM Motors India are some of the car manufactures which have harnessed the blockchain technology

Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
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