holoride Integrates Elrond Blockchain & NFTs for 2022 Launch

Holoride Integrates Blockchain and NFTs for XR Passenger Entertainment

Holoride, a company originating as a spin-off from Audi, is implementing blockchain technology and NFTs as a crucial step towards its anticipated 2022 market introduction of an in-vehicle extended reality (XR) passenger entertainment system.

Securing a Transparent Ecosystem

Following a $12 million Series A funding round concluded in April, the company revealed plans to incorporate the Elrond blockchain into its technological infrastructure. This integration aims to establish transparency within its network of automotive manufacturers and content developers.

Holoride intends to leverage NFTs – non-fungible tokens – to incentivize content creation for its platform. This will be achieved by offering developers the potential for increased revenue through token sales. Simultaneously, the company seeks to attract passengers desiring personalized in-car entertainment options.

Blockchain Implementation: Beyond a Trend?

The question arises whether Holoride is simply capitalizing on current internet trends. However, according to Holoride CEO and founder Nils Wollny, the blockchain integration has been under development for over a year.

The core functionality of Holoride’s immersive in-vehicle media platform does not necessitate blockchain technology. Its passenger experiences are synchronized with real-time vehicle motion and location data, effectively mitigating motion sickness by adjusting content to the vehicle’s movements.

Fair Compensation and Transparent Distribution

The role of blockchain lies in facilitating a fair and transparent distribution of content and compensating developers. Compensation will be based on user engagement duration and value distribution.

“From the outset, our goal has been to connect all ecosystem partners in a manner that is both equitable and transparent, and blockchain technology perfectly delivers on this promise,” explained Wollny to TechCrunch. “Each transaction and instance of engagement can be securely recorded on the blockchain. Automotive manufacturers will gain insight into the amount of time passengers spend utilizing holoride experiences within their vehicles, while content creators will have a clear view of engagement time with their specific titles.”

Understanding NFTs and Elrond Blockchain

NFTs are unique digital assets recorded on the blockchain, ensuring their non-replicability. While the majority of NFTs reside on Ethereum’s blockchain, Holoride will utilize the Elrond blockchain for its NFT support.

Driving Engagement Through Digital Collectibles

Wollny anticipates that the opportunity to purchase or collect NFTs during immersive holoride experiences will foster greater user engagement. He also foresees an acceleration of the “metaverse” – the increasing convergence of digital and virtual realms with physical and augmented reality – as envisioned by futurists and technology enthusiasts.

Visualizing the Experience

To better understand this concept, consider how an NFT might function within a holoride experience. It could involve linking elements within the virtual world to specific locations or events in the real world.

“Envision passengers traveling in a virtual vehicle, perhaps a spaceship or submarine, while their physical bodies are within a car traversing the real world,” Wollny described. “They might encounter a particular location where a content creator has placed a collectible item for passengers to acquire during their journey.”

A New Take on Augmented Reality

This concept shares similarities with Pokémon GO, but with passengers seated in a vehicle wearing VR headsets, rather than pedestrians navigating the outdoors while tracking augmented reality creatures. The key difference is that acquired NFTs are unique and exclusively owned by the user, subject to voluntary trading.

“Alternatively, a user might excel at a game while in transit and earn rewards for their performance,” Wollny continued. “These rewards could be displayed to other users or traded in the future, further bridging the gap between the physical and virtual worlds.”

The Future of Immersive Entertainment

The success of Holoride’s NFT strategy hinges on passengers becoming deeply immersed in their in-car experiences and seeking personalization through digital tokens. Whether Wollny’s vision reflects a genuine trend or simply an optimistic outlook remains to be seen. However, as he stated to TechCrunch, this represents only the initial phase of the startup’s ecosystem development – a step towards establishing Holoride as a leading “transportation company for the metaverse.”