DeLorean, the automaker known for the iconic DMC-12 sports car from “Back to the Future,” announced Thursday that it will launch a marketplace with a crypto payments company MaanPayallowing customers to trade their production reservations on-chain.
The new platform, developed in partnership with Otherlife – a Web3 creative agency acquired by MoonPay – will allow DeLorean enthusiasts to buy, sell and trade vehicle reservation slots using blockchain technology.
If this sounds familiar, that’s because DeLorean announced a similar plan with crypto startup NFT IQ earlier in 2022. DeLorean said at the time that it would offer token reservations for cars produced in the coming years, each paired with a “digital twin” avatar of the car that acts as a NFT collectible.
But NFT IQ appears to be defunct as its URL no longer points to a functional website and its social media accounts haven’t been updated since 2022. However, DeLorean has apparently accepted tokenized car reservations, as the announcement of the upcoming marketplace indicates. that it will allow the trading of existing reservations and new reservations.
Promotional artwork for DeLorean’s marketplace with MoonPay’s Otherlife agency. Image: MoonPay
A MoonPay representative confirmed this Declutter that DeLorean had “parted ways” with NFT IQ. When asked about the previous digital doubles and whether that approach will be maintained going forward, a representative noted that Otherlife will “revise the entire strategy to ensure the best possible experience for users.”
DeLorean expects the marketplace on DeLorean.com to be fully operational in the fourth quarter of 2024. Current slot holders will be able to manage active reservations, while new reservations will open shortly after launch. A MoonPay representative told us Declutter that the blockchain network powering the platform has yet to be decided.
The marketplace aims to provide transparency in the reservation process. It will also use blockchain to track vehicle performance analytics, giving buyers an immutable ledger of each car’s history and performance data.
“The path to transparent vehicle analytics is a perfect use case for blockchain technology. It will provide secondary market buyers with the tool needed to make informed decisions,” said Michael Perrow, CEO of Otherlife, in a press release.
Editor’s note: This article was written with the help of AI. Edited and fact-checked by Andrew Hayward. This story was also updated after publication to add details about the “digital duplicate” NFTs.