Ferrari risks losing $55 million in NFT deal collapse – media

Italian premium racing maker Ferrari risks $55M loss due to breakup with blockchain firm Velas

Italian automaker Ferrari could lose $55M as it breaks off years of partnership with blockchain firm Velas and semiconductor maker Snapdragon. This is written by RacingNews365, citing sources close to the company.

The reason for the failure of the deal with Snapdragon, as reported, was financial impropriety by the automaker. In the case of Velas, the gap is due to the fact that Ferrari did not comply with the provisions of the agreement that would allow Velas to create non-fungible tokens (NFT) with the image of premium cars.. According to the source, both companies intend to sue the Italian brand.. At the time of writing, Ferrari has not commented on reports of a $55 million risk.

Automotive brands have long advertised their products through the technologies of the metaverse and the cryptocurrency market.. For example, in September 2022, the French brand Renault entered into a partnership with the Sandbox metaverse.. The British automaker Aston Martin also introduced a collection of non-fungible tokens based on the Vantage model.

German giant BMW announced plans in late 2022 to integrate blockchain technology into its daily operations and create a blockchain loyalty program for customers in Thailand, while Italian-American automaker Fiat entered the metaverse market with its virtual Fiat Metaverse Store.. Japanese car manufacturer Nissan is also eyeing the NFT market and has already filed several trademark applications.

In December 2022, GPU maker Nvidia announced that more automakers intend to build software-defined vehicles based on the NVIDIA DRIVE Orin system-on-a-chip, including Jaguar Land Rover, NIO, Polestar, Volvo Cars and Xpeng.

In addition, the developer invited automotive manufacturers to join its Omniverse platform, which Nvidia says will revolutionize the automotive product cycle. Automakers can use Omniverse to unify 3D design and modeling pipelines for vehicles, and create permanent digital twins of their manufacturing facilities.


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