Porsche has announced its entry into the NFT market by launching an NFT trading platform called Fanzone.
NFTs (non-fungible tokens) have become quite popular in the crypto space. Most especially in the art world where its use is most prominent.
Artists are able to sell their works on the internet using a digital ledger. The objective of NFTs is to help a select few prove ownership of a digital object by tracing the source of the object.
Related Reading | Goldman Sachs To Start Trading Ethereum Options And Futures
People taking other people’s work to use in their own work and not giving due credit has been a problem for a while. The openness of the internet makes it so that an artist has no idea where their work will end up. Or who will end up using their work and not credit them. Or use their work and not pay for them. NFTs have so far proven to be a good way combat this issue.
Fanzone, NFT-Based Card Buying And Selling Platform
Porsche announced the launch of the NFT collectibles platform on June 14th. The platform will allow fans to trade cards from their favorite sports. The NFTs are to help maintain verifiable ownerships of the cards.
Fanzone provides fans with forgery-proof collectibles. Collectors do not have to worry as prices and ownerships are guaranteed using blockchain.
Interest in NFTs growing in tandem with crypto industry | Source: Crypto Total Market Cap on TradingView.com
The cards will all contain unique data and traits from different players. They’re being stored on the Lusko blockchain in an effort to make sure anyone can extract the cards for safekeeping if they choose to do so.
The NFT hype may be dying down but Porsche still believes there is enough potential here to generate income sooner or later.
Christian Knorle backed this upm citing that the demand for trading cards and albums have been unbroken for years. And they want to digitize this promising market with strategic support for Fanzone.
Porsche And Blockchain
The German automotive manufacturer has always been front and center on blockchain-related integrations. In 2018, Porsche became the first automobile manufacturer to officially implement and successfully test the blockchain directly in vehicles.
Working closely with XAIN, Porsche is intent on integrating blockchain to provide a better driving experience. Together, the two came up with a business model based on encrypted data logging.
Related Reading | 5 Best Crypto Cards That You Should Know About
It used blockchain technology to remotely lock and unlock car vehicles. Charging and parking the car. Also granting temporary access authorizations to third-parties when needed.
NFT-Based Cards Roll-Out
Porsche has collaborated with the German National Football Association to showcase its players on the cards. The first set of cards will feature players from the men’s and women’s soccer teams. Under 21 national teams will also be a part of this initial roll-out.
Fanzone issues the tokens on the Lusko blockchain for the NFTs.
The Fanzone platform was created by Forward31. Forward31 is a digital firm builder that helps Porsche diversify into other non-core businesses.
Feature image from CoinShark
