The World’s First Tokenized Tesla Coming to Polkadot: A Historic Milestone Showcasing Massive Growth Potential for Tokenization

2023-06-29 15:38:35

As part of a partnership agreement between a Web3 network powering the Economy of Things on Polkadot, Peaq Network, and car-sharing company ELOOP ONE, Polkadot would host the world’s first tokenized Tesla.

Why is there a branded @Tesla parked outside of #PolkadotDecoded? 🚗@peaqnetwork is unveiling the details behind their partnership with @eloop_one, the Vienna-based car sharing provider

You’re looking at the world’s first tokenized Tesla – and it’s on Polkadot

🧵A thread: pic.twitter.com/GmWxgICvWN

— Polkadot (@Polkadot) June 28, 2023

According to the announcement, ELOOP has already equipped 100 Tesla Model 3s and Model Ys in its fleet including self-sovereign Peaq IDs to link them with the Peaq network

100 Teslas from ELOOP’s 240+ fleet, already on the streets of Vienna, have received their Self-Sovereign Machine Identities on Peaq. They are now part of the peak eco, enabling users to invest and earn in a new, decentralized way.

According to reports, the demand for car owners has massively declined as people go after shared mobility services. With this, the ELOOP and Peak partnership is expected to advance the vision to a new height. What this collaboration means is that users can now invest in tokenized Tesla and get access to a share of the generated revenue

Polkadot explained on its official Twitter account that the integration would lay the grounds for a fully autonomous Tesla. It may function as an Artificial Intelligence powered robo-taxis, delivery, and others on the Peaq Network. Another update is that the Tesla’s ID is currently live on Peaq’s testnet with the transaction data available on a dedicated dashboard. It is expected that the ID will transition to Peak’s sister network on Polkadot’s Kusama network, Krest Network

ELOOP and Peak Network are the first to demonstrate the innovative model of tokenizing and decentralizing ownership over major infrastructure. Individuals and businesses can directly invest in company assets and earn rewards based on performance.

More Details About the Integration and Other Development on the Polkadot Network

The report further mentions that ELOOP has so far raised about €1.6m through token sales via the tokenization mechanism. The idea is to take the mechanism to different kinds of industries and markets to unlock community-driven hyper-scaling

CEO and Co-Founder of ELOOP, Leroy Hofer, believes that this initiative is only the beginning as there are more in the pipeline

Web3 electric car-sharing is only the start. It is a harbinger of foundational change in how we manage and own the infrastructure powering our daily routines.

Co-founder of Peak Network Leonard Dorlöchter also expressed his excitement about the initiative to extend the Tesla model to Web3, saying it is nothing short of groundbreaking

Polkadot has organized an event running from June 28 to June 29, 2023, with several people attending in Copenhagen while others joining online. As part of the recap, Wagner explained that there has been an incredible growth of Polkadot, thanks to all the parachains in the eco.

He also disclosed that the total parachains have almost doubled to 82 in just 12 months. In addition, the partnership between Sovereign Nature Initiative and Moonsama is ensuring that data about wild lions in Kenya is brought into virtual realms

Evrloot has also mentioned that its new game Stardust Colonies would be built on the Ajuna Network

Polkadot (DOT) has a neutral market sentiment and has surged by 0.64 percent in the last seven days to trade at $4.94

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