TEND is a novel Ethereum-based platform, a marketplace of sorts, that aims to tokenize many expensive items, such as art and luxury goods.
One such item is the 1956 Porsche Speedster 356A, which has emerged as the platform’s and probably the world’s first – “tokenized car,” offered in partnership with Porsche Zentrum Zug.
Turning cars into tokens
The TEND platform is an automated marketplace that hosts share-owners and a variety of service partners, with blockchain providing a transparent account of assets’ histories. For end users, it offers “fragmented ownership” to fulfill the modern generation’s desire for luxury assets, while simultaneously expanding access to them.
“It’s tokenizing luxuries and very precious assets to bring them into co-ownership and onto the blockchain, and then our unique proposition is to give a full life experience on top of this investment and to enable that experience via service partners,” TEND found Marco Abele, who previously served as chief digital officer for Credit Suisse, told CoinDesk. “So what we want to enable people to do is not only to own a beautiful object, but to then really touch and feel it.”
For its effort to tokenize the 1956 Porsche Speedster 356A, TEND is working with Porsche Zentrum Zug, which will facilitate the crossover from asset to experience with the tokenized car. The dealership will handle everything from providing keys to share-owners to the maintenance of the car, the management of which is executed using smart contracts.
In other words, it is experience rather than ownership TEND and Porsche Zentrum Zug are offering.
“We try to be a physical platform for an app, or a community around an app that’s otherwise going to be rather anonymous,” Yves Becker-Fahr, Porsche Zentrum Zug’s general manager, said.
More stuff coming to TEND
TEND and Porsche Zentrum Zug will now work to add more cars onto the platform, with TEND also talking to other companies as well — including those dealing with jewelry, art and photography.
On the other hand, Porsche Zentrum Zug is also mulling further experimenting with blockchain, and the fact that is located in Switzerland’s so called “Crypto Valley” gives it an edge over other dealers — it’s close to the party.
“We have started thinking about it, yes, whether one day we might have to offer to our clients to pay with cryptocurrency. But it would be too soon to say that we’re on the cryptocurrency train,” Becker-Fahr said. “This is the start for us, working together with TEND. At this point in time, we don’t know where it will lead.”
The question we have for you – would you be willing to buy a token in a car? And what do you think about that concept? Comments form is all yours…