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Young Monday: Italy allocates 45 million euros for blockchain, ENS and Lamborghini GT

EC
Elisa Campaci

4 min

The Italian government allocates 45 million euros to blockchain

The Italian government allocates 45 million euros for blockchain, NFTs of Lamborghini GT cars and new Ethereum Name Service records

Summer continues and although the market suggests a ‘wintery’ atmosphere, there is no shortage of hot news from the crypto world! The first news comes to us from Young Platform’s home country, Italy. The Ministry of Economic Development has issued a decree to finance artificial intelligence, blockchain and projects related to the internet of things. Blockchain for the country’s innovation! The most interesting NFT news of the week concerns the production and distribution of Lamborghini cars in the GT circuit. Achille Lauro, now accustomed to crypto art, created five non-fungible works of art during his last concert. Finally, we recap the latest Ethereum Name Service records, what is the reason for its remarkable growth in recent days?

The Italian government allocates 45 million euros for blockchain projects

The Italian Ministry of Economic Development has published a decree setting out the terms and conditions for applying for funding regarding the development of technologies related to artificial intelligence, blockchain, and the internet of things. A total of EUR 45 million has been made available for companies and research centres that are working on projects of this nature, each of which will be able to receive an incentive of between EUR 500,000 and EUR 2 million each. Applications to access the Italian government’s fund can be submitted from 21 September, the initiative is designed to innovate ‘strategic priority’ sectors, namely industries, the education system, agricultural businesses, healthcare, logistics, aerospace, the environment and infrastructure, culture and tourism, security and information technology. Minister Giancarlo Giorgetti commented: ‘we support companies’ investments in cutting-edge technologies with the aim of fostering the modernisation of production systems through increasingly interconnected, efficient, safe and fast management models. Blockchain projects take it to the next level!

A Lamborghini GT team authenticates its cars on the blockchain

The components and cars of the GT team Vincenzo Sospiri Racing (VSR), will be registered on blockchain with NFTs. Vincenzo Sospiri Racing is one of the teams supported technically and operationally by Lamborghini Squadra Corse, in fact, there are more than 60 cars made by Lamborghini in the GT circuit. In concrete terms, the components of the cars will be associated with non-fungible tokens made in collaboration with Go2NFT, a platform for creating ‘commercial’ NFTs and digitising physical products. Go2NFT‘s mission is to embed blockchain in the supply chain of businesses. Products from industries to consumers have all the information and guarantees they need stored in an NFT. Once Lamborghini’s components and cars for VSR are made, they will be marketed with an associated NFT describing all product characteristics from the serial number to the paintjob colour. For Vincenzo Sospiri, manager of the racing team, this partnership will allow the quality of the components to be monitored and guaranteed impeccably.

Tracing the origins and ensuring the authenticity and safety of products is a challenges for contemporary brands. Using blockchain will also have an impact on the business model of companies like VSR, because the costs and intermediaries of the processes will change. In February, even Alfa Romeo announced NFT digital certificates for their cars.

A memorable week for Ethereum Name Service

These days, Ethereum Name Service is astounding the crypto world with its numbers! The first figure concerns the registrations of new domains on blockchain, over 126,000 ENS names were created in one week. The surge in registrations occurred over the weekend, between Sunday and last Monday, 64,000 domains were registered. The total growth is +216%. The data was released by ENS developer Nick Johnson in a dashboard. What is the reason for the growth? Probably to the fact that Ethereum fees have dropped to $1.57, a number not seen in two years. In addition to registrations, sales of Ethereum Name Service domains have also been remarkable in the past few days; on 3 July there was the second largest sale ever. The domain 000.eth was sold for 300 ETH (about 115 thousand dollars). During this same period, secondary sales on NFT marketplaces such as OpenSea exceeded 7 million.

Ethereum Name Service has 1.1 million names, 504 integrations and over 400,000 owners, including Vitalik Buterin, Jimmy Fallon and Paris Hilton. After the ’10k club’, the latest trend in domains on blockchain concerns those with non-Roman characters, such as Arabic, Chinese or symbols.

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