Audi-backed startup Holoride has announced that it is deploying blockchain technology for its immersive media platform. The platform also underlined its mission to expand into blockchain and non-fungible tokens (NFT).
Holoride Chooses Elrond Blockchain
Holoride revealed this development in a press release on May 20, 2021. The startup also stated that it would be integrating Elrond blockchain into its tech system to leverage the highly secure, immutable, and decentralized characteristics of blockchain technology. It further added that the choice of Elrond was due to their commitment and strong innovation roadmap that fits with Holoride’s vision.
The integration of Elrond blockchain is intended to improve transparency in the distribution of revenue among partners and offer a unique passenger experience for users. Holoride is building the first in-vehicle media platform and adding blockchain technology would allow the platform to add unique features like NFTs and social currencies to improve the passenger experience.
NFTs have emerged as a unique form of token that has extended the application of blockchain technology and tokenization towards entertainment. Holoride intends to use NFTs as a means to incentivize developers to create more products within its ecosystem. The use case of NFTs will also be extended to attract passengers that desire a personalized experience.
The NFTs in the Holoride ecosystem will contain specific attributes that will allow developers to retain the value of their creations. Also, digital items and collectibles on the Holoride platform are intended to be tradable and transferable. This, according to Holoride, will unlock unprecedented experience and commercial value within the in-car entertainment space.
Major Development After Series A Funding
Holoride is backed by car manufacturing giant Audi and recently completed Series A funding in April, which raised $12 million.
Nils Wollny, CEO and co-founder of Holoride, believes that integrating blockchain and NFTs is important. “As we look to expand across global markets, blockchain technology and NFTs help us scale while securing the integrity of our developer-centric and car manufacturer-agnostic approach,
He also added that Holoride was looking to provide a unique experience and opportunity for users via NFTs.
“Our mission is to make transit time more valuable for everyone. Through NFTs, we envision the highest level of personalization for users while offering a one-of-a-kind XR experience with compelling monetization opportunities for our partners,” he concluded.
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