Automakers Deploy NFTs to Reach Younger, Tech-Savvy Consumers

When Hyundai wanted to highlight its mobility solutions to millennials and members of Generation Z — collectively dubbed “MZ Generation” — it did so by entering the community-based non-fungible token (NFT) market. 

The automaker opened Hyundai NFT channels on Discord and Twitter on April 15, and plans to open its official NFT website in May. Hyundai Motor also released a short film introducing its NFT universe together with 30 limited-edition NFTs. 

“The Hyundai NFT universe will extend the Hyundai brand experience, especially with MZ generation, in a completely new way, further reinforcing our commitment to innovation in both the real world and in the metaverse,” Thomas Schemera, global chief marketing officer and head of customer experience division at Hyundai Motor, said in a statement announcing the projects. 

Incentivizing Reservations and Purchases 

Hyundai joined several other automakers in deploying NFTs and outposts in the metaverse to reach its potential customers. 

Acura did so in March, opening a digital showroom in the metaverse and launching limited-edition NFTs to celebrate the debut of a new generation of its compact premium sport sedan, the Integra. 

The automaker announced that the first 500 customers to reserve one of the new cars would have the opportunity to claim an NFT designed by artist Andreas Wannerstedt. What’s more, the base NFT they can get upon reservation of a car is to upgrade into a unique one when they take delivery of their purchased car. 

Acura supplemented these efforts with the digital showroom featuring a wearable collection created in collaboration with Wannerstedt, a racing game and interactive rooms and activities. 

Affirming a Pioneering Position in Technology 

VinFast too deployed NFTs when its new electric vehicles, which are to be launched in the U.S. later this year, became available for reservation. The brand applied blockchain technology for its reservation program beginning in January, and customers who make a deposit to reserve a car receive an NFT. 

Then, in April, VinFast activated an NFT exchange and introduced its 3D Animation NFT collection in collaboration with metaverse company House of Kibaa. 

“Affirming the pioneering position in technology application and always putting our customers first, VinFast constantly studies and cooperates with industry partners to offer excellent experiences,” Emmanuel Bret, global deputy CEO of sales and marketing at VinFast, said in a statement. “In addition to advanced technologies and premium quality, we also focus on providing unique policies that bring real value and attractive offers to customers globally, encouraging them to come together in the electrified revolution for a more sustainable future.” 

Looking Out for Unexpected Projects 

Lamborghini marked the end of production of its Aventador sports car by auctioning off the last one produced along with a unique NFT that provides access to exclusive virtual previews of future Lamborghini models, a private tour of the Museo Lamborghini and a virtual meet and greet with the artists who created the NFT. 

“Lamborghini and the NFT community fit together very well, as we share many values,” Stephan Winkelmann, chairman and CEO of Automobili Lamborghini, said in a statement announcing the auction. “We are both young-spirited innovators, looking out for unexpected projects and technological solutions.”