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Check the development blog to get

insights into the growth process of MVL

Blockchain[MVL 2.0 Concept Paper] 3. NFTs Including Vehicleโ€™s Life Story

17 Nov 2021

NFTs Including Vehicle’s Life Story

Automobiles are depreciable assets, not value storage means such as real estate. 

Along with this, most automobile-related financial products have been developed in the direction of supplementing consideration of the depreciation of automobiles. Moreover, everyone accepts this as common wisdom.

However, many questions remain and one of them is: “Is it impossible for customers who purchase our vehicles to preserve the values as much as possible and perhaps have a higher value in the future?” As an answer to this, we thought that there is a way to minimize depreciation in the process of manufacturing and selling E-Tuktuk and this will be solved with a combination of connected vehicles and vehicle data, a graphics-based NFT, and a metaverse world.

1. Connected vehicle & data

ONiON, MVL’s electric three-wheeler (TukTuk), is a Connected vehicle in which all vehicle data is recorded and managed.

Each ONiON vehicle generates driving data in real-time while driving. Based on the real ONiON vehicle, the depreciation occurs throughout driving, but in the digital world, a new asset called driving data is generated. From the perspective of the vehicle's life cycle, even if the actual vehicle is scrapped at the end of its life, every data that the vehicle experienced, such as mileage, environment, accidents, flooding, etc., will remain forever as unique data.

Data recording has already started with drivers from TADA, MVL’s ride-hailing platform, and more advanced data will be recorded on the blockchain for ONiON vehicles as well.

๐Ÿ‘‰ Onchain Activity on Hybrid Blockchain

2. NFT & Metaverse

The fact that there has been increasing interest in NFTs (Non-Fungible-Tokens), which prove ownership and operating rights for various digital assets, is an issue and the media is also paying a lot of attention to it. In particular, it is very actively applied in works of art with a special history, such as CryptoPunk, where digital art is traded at a high price. Although the exact reason for the digital asset trend is unknown, many experts explain that the self-esteem of holding an NFT and the sense of belonging in the community will be the causes of creating this trend.

Also, as metaverse emerges, some projects are preparing to make their NFT compatible and utilizable in specific games and metaverse worlds. In particular, the game field is actively progressing to make certain items and goods compatible with other games.

Then, what if the MVL's ONiON is combined with NFT and metaverse?

If a vehicle, which cannot be a means of storing value, combines with NFT, a means of storing value, we can find the possibility of transforming depreciable vehicles into an asset that increases their value.

Let's take a closer look at this content.

The depreciation process of a real vehicle, which is the unique life cycle of driving, maintenance, accidents, etc., is recorded in the data storage connected to the NFT. The NFTs prove the data ownership and utilization rights of real vehicles, and the life cycle data of real vehicles provide items that can be utilized in NFTs and linked services to maximize the value of NFT.

As mentioned above, ONiON is a Connected vehicle that can manage all information of the vehicle from MVL: generation-> sales-> driving-> charging-> maintenance-> scrappage. MVL collects driving and maintenance data generated by ONiON and utilizes it to increase the scarcity of NFT. In addition, we will provide NFT owners with items that can be used in linked services. In other words, it is a concept that the vehicle's driving data mines the items to use for NFT.

While the price of the actual vehicle declines over time, the price of the vehicle-related NFT may continue to rise. This makes the possibility that the price of the vehicle someone bought will remain the same over time or increase further. It can lead to explosive vehicle sales and expand the MVL ecosystem.

Then, what kind of data structure does MVL NFT have?

The MVL team will manage data related to vehicle NFTs into 4 main structures.

โ–ณ The NFT Data Structure 

 1. Design

Manages design data related to NFT visuals. It is divided into the design aspects and background design elements of the product itself, such as the body, headlights, and wheels of ONiON T1. Since each Part of ONiON T1 consists of different colors and designs, which will help to create various combinations and designs, such as police cars, fire trucks, or even neon signed TukTuk.


2. Real Data

Manages data from the actual vehicle. At this time, the data consists of basic data such as VIN (Vehicle Identification Number) and the data that the MVL team can manage directly with Connected vehicle technology, including mileage, driving data, maintenance in case of an accident, and event data from the insurance company. This is the only data from the real vehicle and provides unique value to each MVL NFT.

 3. Item Data

Manages ‘item data' linked to MVL Digital Eco, which will be expanded in the future. Item data is produced with new digital products and goods by combining various records generated by actual vehicle data with the design. For example, if a driver is arranged to one's actual vehicle, the NFT owner will receive a digital driver, and for the vehicle collision, an item such as a bumper will be produced. Also, special goods can be provided for an accident-free vehicle with a mileage of 10,000 km or more. Likewise, NFT owners will continue to receive these items and will be able to use or trade them in MVL Digital Eco.

 4. Linked Services 

Builds data to enable NFT holders to actually use NFTs in any service. For example, if a person who owns an MVL NFT accesses games or metaverse, the value of NFT will increase when this NFT can actually be used as an item. It would be even better if we could use the items produced by NFTs. Therefore, we are building our own services such as racing and card games, and at the same time preparing various collaborations with multiple games and metaverse companies. In the long term, we will continue to make efforts to increase the benefits of MVL NFT holders.

So far, we have described the MVL team's approach to the possibility of using vehicle data as a digital asset. Approximately 5,000 units of ONiONs, which will be sold by next year, will be converted to NFTs, which will create more diverse and unique new values as real vehicle drives. In addition, the NFT collaboration is being discussed with various vehicle manufacturers and used car manufacturers, so please continue to watch the progress of the MVL team.

In the next episode, we will take a closer look at how the data generated by the Ride hailing and Delivery services, which play a major role in the MVL team's business, will combine with the blockchain. In particular, it includes a core concept of how to utilize the data of more than 130,000 MVL drivers through "Game" and how MVL blockchain services can change the global mobility market based on this.

Please stay tuned for the last episode!