One of the first (and still one of the best) use cases for tokenized assets (NFTs) on immutable public ledgers (blockchains) was fraud prevention. You could tokenize a physical item (make a “digital twin”), then follow (and authenticate) that item/token through its journey. Today, because NFTs (smart contracts) are easy to write, this is much easier to do.

Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini’s motorsport department, has announced its partnership with NFT platform Go2NFT to launch a program that certifies racing car parts. For obvious reasons, VSR is also looking to expand the NFT certification program to official merchandise and its other products as well.

The “crypto winter” may be upon us – and mentioning NFTs may elicit eyerolls – but the utility of NFTs, blockchain, and the group of technologies that are empowering Web3 should not be in question.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications, co-founder of Metacademy, and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.

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