MVL, a blockchain-based mobility platform, has announced the completion of DEMO NFT, a two-year pilot project on E-Vehicle RWA (Real World Asset) Tokenization with NFTs.
MVL operates real-world Mobility businesses, including ‘TADA,’ a ride-sharing service in Singapore, and ‘ONiON Mobility,’ an electric vehicle manufacturing and energy infrastructure company, establishing a significant presence in Asia’s Mobility Market.
The pilot project focused on integrating vehicle assets and rental revenue into NFTs, encapsulating real-time vehicle data such as registration, location, mileage, and rental revenue. It involved trials with ONiON vehicles and oversaw operations across Southeast Asia, culminating in the establishment of an infrastructure connecting Blockchains with real-world assets.
Future Plans for Global Expansion
Kay Woo, CEO at MVL, commented, “We can transform traditional financial services for vehicles into affordable products through blockchain, lowering the barrier as it used to be hindered by complicated relationships among various stakeholders.”
Plans are in motion to establish local entity in Japan and launch Vehicle RWA products after discussions with regulatory authorities and banking partners as early as the second quarter of this year.
Building upon the conclusion of this pilot project, MVL also plans to introduce visible products such as MVL Staking linked to actual business performance, create a public vehicle asset map and expand its mobility operations globally.
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