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 crypto payments company MoonPay, letting customers trade their manufacturing 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 build slots using blockchain technology.
If this sounds familiar, that’s because DeLorean previously announced a similar plan back in 2022 with crypto startup NFT IQ. At the time, DeLorean said that it would offer tokenized reservations for cars that would be manufactured in the years ahead, each paired with a “digital double” avatar of the car offered as an 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. DeLorean did apparently take tokenized car reservations, however, as the announcement of the upcoming marketplace notes that it will accommodate trading of existing reservations along with new ones to come.
Promotional artwork for DeLorean’s marketplace with MoonPay’s Otherlife agency. Image: MoonPay
A MoonPay representative confirmed to Decrypt that DeLorean had “parted ways” with NFT IQ. When asked about the earlier digital doubles and whether that approach will be maintained going forward, a rep noted that Otherlife will be “revisiting the entire strategy to ensure the best possible experience for users.”
DeLorean anticipates the marketplace will be fully operational on DeLorean.com by the fourth quarter of 2024. Current build slot holders will be able to manage active reservations, while new reservations will open shortly after launch. A MoonPay representative told Decrypt 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 leverage blockchain to track vehicle performance analytics, providing buyers with an immutable ledger of each car’s history and performance data.
“The path towards transparent vehicle analytics is a perfect use case for blockchain technology. It will provide the tool required for buyers in the secondary market to make informed decisions,” stated Otherlife CEO Michael Perrow, in a release.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Andrew Hayward. This story was also updated after publication to add detail regarding the “digital double” NFTs.