Dubai-based W Motors is used to being first. The hypercar
company was the first of its kind to develop high-performance vehicles in the Middle East. Its Lykan Hypersport is the most expensive car to be featured in the Fast and Furious franchise. Now the automaker will be the first from the region to interact with the metaverse. It recently partnered with Web3 platform Tokengate to release its own 10,000-piece NFT collection.
Jerry
, your trusty car insurance super app
, took a closer look at W Motors’ Web3 project and compared it to how other car brands are using blockchain technology to give you an idea of where the overlap of these two industries might be headed.The W Motors metaverse
W Motors’ blockchain plans go deeper than selling glorified JPEGs. With the help of Tokengate, the automaker plans to use its NFTs
, called HyperWolves, as tickets of admission to their very own metaverse. NFT holders will own fully customizable digital cars, cars that will be able to integrate into the company’s upcoming blockchain games. Cryptonewsz
says these games will allow holders to interact with and race each other. The NFTs will also come with IRL perks like a visit to the car brand’s factory in Dubai, exclusive track days, other motorsport events, and even participation in designing new cars.
Other automakers experimenting with Web3
W Motors might say their NFT project is on the cutting edge, but they aren’t the only car company out there. Many automakers have blockchain-based projects in the works, and one initiative involves some of the most popular brands in the U.S.
Ford, General Motors, BMW, and French carmaker Renault are four of the 30 companies that signed onto the Mobility Open Blockchain Initiative (MOBI). The group hopes to use blockchain tech to offer features like in-car autonomous payments and ride-sharing.
NFTs are nothing new to the auto industry either. Luxury car brands like Ferrari, Lamborghini, and Porsche all have NFT collections.
DappRadar
says Lamborghini got in hot water with the Web3 community when the company started going after NFT artists with copyright lawsuits while also releasing their own collection.Will blockchain tech affect car insurance?
With the real-world applications of Web3 tech still in the development stages, it’s difficult to say how bitcoin, NFTs, and other blockchain tech will affect the car insurance industry.
Some hope to use it to detect fraud and keep accurate records, but no one has actually implemented any of these ideas.
No matter where the insurance industry is headed, you can trust Jerry to find you the right coverage at the right price. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and can even help you cancel your old policy.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
MORE: 2 Car Insurance Giants Are Teaming Up To Take On an Emerging Technology
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