‘Through blockchain and NFTs, we envision the highest level of personalisation for users while offering a one-of-a-kind XR experience with compelling monetisation opportunities for our partners’
➨ The Audi spinoff closed a series A funding round worth €10 million last month
➨ Some of the funding is being used to expand its offering for content developers
➨ Holoride selected Elrond to provide the necessary blockchain technology, which will integrate with its own stack
Holoride is combining three hit technologies of 2021—immersive media, blockchain and non-fungible tokens (NFTs)—to develop an ecosystem around in-car experiences.
The Audi spinoff, which is building an immersive in-vehicle media platform that is able to connect virtual reality and other immersive content to vehicle data points, closed a series A funding round worth €10 million last month.
The Germany-based company wants to expand its offering for content developers and sees blockchain technology, a decentralised, unchangeable ledger of transactions, and NFTs, digital certificates proving ownership that are stored in this ledger, as a means to deliver this.
Holoride says in a press statement that it wants to “transparently distribute content, fairly compensate developers based on user engagement time and value distribution, and provide an overall value-capture on a publicly accessible layer”.
Its NFTs and the digital items they represent will be transferable and tradable, potentially creating an entirely new ecosystem in which content developers can generate revenue.
Nils Wollny, chief executive officer and co-founder of holoride, explains: “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,”
“Our mission is to make transit time more valuable for everyone. Through NFTs, we envision the highest level of personalisation for users while offering a one-of-a-kind XR experience with compelling monetisation opportunities for our partners.”
Audi, an existing shareholder in holoride, is also backing the plan, as it wants to explore the potential of blockchain (or distributed ledger) technology as a means of providing customers with premium products.
Sven Schuwirth, senior vice president of digital experience and business at Audi, says: “We’re excited to explore blockchain’s potential with holoride. We strongly believe that it is all about creating meaningful and customer-centered experiences. In the future this will become even more vital and a major differentiator. Audi’s investment in this initiative represents a step in that direction.”
Holoride selected Elrond to provide the necessary blockchain technology, which will integrate with its own stack.
Beniamin Mincu, chief executive officer and co-founder of Elrond, says: “Holoride is in a unique position to reimagine digital media and mobility by bridging them using blockchain technology. The intuitive simplicity of Elrond will help every user to seamlessly and securely onboard this exciting new technology stack.”
“In addition to scalability, holoride will benefit from Elrond’s core strengths of speed, security, and energy efficiency. Our internet-scale network is powered by ‘Secure Proof of Stake’ which eliminates proof of work computational waste and lowers transaction costs to negligible levels.”
With its blockchain technology and NFT plans in place, Holoride is on course for market launch in 2022. Wollny adds: “We have our eyes set on the future, and this technology will help get us there. We’re thrilled to continue moving towards our wider market launch next year and show everyone what’s yet to come.”