LOS ANGELES, Jan. 5, 2022 — VinFast, the global electric vehicle (EV) brand owned by Vingroup, which is the largest private conglomerate in Vietnam, has announced a world-first in its use of nonfungible tokens (NFT) as part of the EV reservation process. This is the first time NFTs have been utilized in this way for the automotive industry.
VinFast has partnered with AAG Ventures, a pioneering company in the metaverse space, to develop a decentralized application on the Harmony blockchain. Thanks to the ultra-fast and ultra-economical Harmony blockchain, the interaction is seamless.
This initiative has an extensive focus on privacy, as NFTs allow personally identifiable information to be kept private while enabling customers to enjoy a tailored experience.
“By helping enable this collaboration with VinFast and Harmony, we are bridging both the digital and physical world,” said AAG Ventures co-founder Jack Vinijtrongjit. “By owning a VinFirst NFT, you are not just an early adopter of the new VinFast EV, you also become a citizen of the Vingroup Metaverse where you can enjoy the future benefits that the company will provide. That, to me, is an example of where the blockchain and NFT technology will become real — and transformative — to most people.”
The announcement follows shortly after VinFast debuted two all-electric SUVs at the Los Angeles Auto Show in November 2021 and opened its United States headquarters, reflecting the next step in its journey to becoming a globally leading smart EV producer.
The NFT process
Customers who pay the reservation fee for their VinFast EV will receive a VinFirst NFT, a certificate on the Harmony blockchain, a widely used cross-chain sharding protocol. This serves as a certificate of priority membership for early adopters who support the brand. VinFast calls these early adopters its “VinFirst” members.
Following the issuing of the VinFirst NFT, VinFast will periodically airdrop various rewards and perks to VinFirst members.
Customers reserving a specific VinFast EV for delivery in the U.S. will receive a refundable and transferable e-voucher valued at either $3,000 or $5,000. Customers only need to create a MetaMask wallet and then connect it to the VinFast NFT page, after which the VinFirst NFT will be airdropped to them. The holders can access the landing page or their wallets at any time to check their status.
The excitement in the blockchain community
VinFast’s pioneering use of NFTs has already created excitement in the blockchain community. Commenters include AAG Ventures co-founder Nelly Sutjiadi, NFT Collector Ben Yu, Harmony co-founder and chief technology officer Rongjian Lan, and popular YouTuber Nas Daily.
“Deploying the VinFast NFTs that will use a smart contract to manage the EV car reservation, and planting of a physical tree that will offset carbon emissions is a wonderful showcase of the use of blockchain,” said Sutjiadi. “We are honored to facilitate this collaboration — Harmony has a high-quality blockchain protocol with negligible gas fees. VinFast has high-quality EVs with zero gas fees. It’s a natural fit.”
The application of NFTs for EV reservations is not just a one-off campaign but the first step in its long-term vision for blockchain applications. This isn’t only with NFTs or assets but also other advanced applications based on blockchain technology.
According to NFT collector Ben Yu, “I have learned firsthand that VinFast isn’t just a nice name — they are one of the fastest-moving companies I’ve ever had the pleasure of working with. Seeing them develop and launch the first-ever automobile OEM proof-of-membership NFT project in record time has really shown me that these are the right people to bet on.”
VinFast is opening its NFT initiative in early 2022 to the first customers at CES, the most influential tech event in the world, starting Jan. 5, 2022. VinFast will showcase its full EV line-up entering segments A, B, C, D and E at this event.
“We are super excited to see VinFast, the global EV brand, launch the world’s first NFTs for EV reservations on Harmony,” said Lan. “This collaboration signifies the growing real-world adoption of blockchain technology and NFTs, which reduces friction and provides innovative approaches to benefit customers in the traditional business process. Harmony welcomes more traditional businesses with a forward-looking mindset to embrace blockchain technology and improve their business process with our scalable and secure blockchain infrastructure.”
VinFast, a member of Vingroup, seeks to drive the adoption of smart electric vehicles globally. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex in Hai Phong, Vietnam, employing skilled automotive workers, having high-tech automation technologies, as well as production scalability for global markets.
VinFast has announced five electric car models, a unique battery leasing program, and an industry-leading 10-year warranty. In July 2021, VinFast began its global expansion into the North American and European markets. Find out more at: https://vinfastauto.com
Established in 1993, Vingroup is one of the leading private conglomerates in the Asia-Pacific region, with a combined market capitalization of $35 billion. Vingroup currently focuses on three main areas: technology, industry and services. Find out more at: https://www.vingroup.net/en.
About AAG Ventures
AAG Ventures is the creator of AAG (Achip & Achair Guild), one of the fastest-growing gaming guilds in the play-to-earn blockchain game industry with more than 2,700 scholars participating in seven countries. AAG Ventures is positioned to become the leading platform for play-to-earn and learn-to-earn. AAG Venture’s mission is to create economic freedom through the metaverse economy and aims to have brought 100 million people into the metaverse economy by 2030.
CES® is the world’s largest and most influential technology event — a prestigious destination for breakthrough technologies and innovators from around the world to meet and stay up-to-date with the latest technologies. CES is owned by the Consumer Technology Association (CTA®). Learn more at CES.tech.