TEND, an ethereum-powered market, is to put a luxury sports car on a blockchain. Not just any sports car, either. For the app’s first ever tokenized car, TEND and Porsche Zentrum Zug will be offering a 1956 Porsche Speedster 356A.
A Porsche dealer in Switzerland has teamed up with TEND, an ethereum-powered marketplace for sharing “tokenized” luxury goods. The Porsche dealer is based in Switzerland’s “Crypto Valley” and in a world first it has put a classic sports car on a blockchain. The car in question is a 1956 Porsche Speedster 356A offered by Porsche Zentrum Zug.
The 1956 Porsche Speedster will be divided into token-based shares that will be both traded and registered on the ethereum-powered automated marketplace. According to Marco Abele, founder of TEND, the app helps to fulfill the “modern generations” yearning for luxury assets. Abele also stated that the app is going to help to expand the generation’s access to these luxury assets.
As for Porsche Zentrum Zug, the Switzerland dealer will act as the “physical platform” for the app. The dealership will handle everything from handing over the keys to share-owners to the maintenance of the car, the management of which is executed using smart contracts.
Yves Becker-Fahr, Porsche Zentrum Zug’s general manager said:
“We try to be a physical platform for an app, or a community around an app that’s otherwise going to be rather anonymous,”
To top it off, if all goes as planned, both the startup and the Porsche dealer have announced that they plan to bring more cars onto the blockchain platform. In fact, TEND has apparently already had a number of discussions with other brands.
Becker-Fahr explained that TEND’s emphasis on experience is also one reason that it initiated a relationship with an individual dealership and not the whole Porsche corporation.
“What the people at TEND wanted was a very personalized and individualized link to us here at the Porsche center. It’s really important that we start with a particular car, a particular Porsche center that stands behind it and takes care of it and knows the history and specifics of the car.”
As exciting as this news is, the general manager of Porsche Zentrum did state that it is “too soon to say that we’re on the cryptocurrency train.” However, Becker-Fahr did state that working with TEND is the start for the dealer, even though they “don’t know where it will lead.”
Even if the dealer decides to not pursue any more blockchain applications, this does show the unlimited potential for tokenizing physical goods and services.