Tokenized Tesla Takes a Ride Through Vienna
An Austrian car-sharing service has tokenized a portion of its fleet, comprising over 200 electric vehicles. Tesla Model 3 and Model Y, now hitting Vienna’s streets, are generating revenue for the holders of EOT tokens.
ELOOP has partnered with Peaq Network, a Polkadot-based platform, to launch an exciting new project. This initiative aims to create a community of participants who earn from the rental of the tokenized vehicle fleet, a service known as carpooling or ride-sharing.
How does ELOOP's ride-sharing work?
Participants who have purchased EOT tokens essentially become co-owners of the Teslas.
- Ownership rights to the vehicles are securely recorded and maintained on the Peaq network.
- EOT token holders share the revenue generated from the daily rental of these cars.
- Ownership stake applies to all tokenized vehicles within the fleet.
The total supply of EOT tokens is 1,870,000, each fixed at a price of €1.2 according to the contractual agreement. At the time of writing, 98% of these tokens have already been sold, and their owners are enjoying income from the ride-sharing operations of 100 Tesla electric vehicles.
After subtracting maintenance costs, such as insurance, parking, and charging, the remaining revenue is split evenly between the co-owners and the ELOOP service. Operational costs average around €550 per month.
Profits are paid out in fiat currency directly to the EOT holders' bank accounts. The proportion of profits is directly tied to the amount of tokens held.
The profit magnitude is dependent on the number of tokens. Source: eloop
What's the Future of Tokenized Electric Cars?
We are now observing a unique dual car-sharing scheme: the service owning the electric cars rents them out to EOT token holders, who in turn sub-let these Teslas.
Indeed, it's an intricate model, particularly as there are plans to include those who lease the cars from the co-owners. They would also likely have the ability to pay for the car-sharing services with EOT tokens.
However, this scenario would then involve a fully realized financial asset potentially making its way onto trading exchanges. But this doesn't seem to intimidate the project creators.
One of them, Leonard Dorloechter, the founder of Peaq Network, declared:
For web3 to go mainstream, we need a connection between the digital and real worlds, which enable people to co-own assets that generate revenue based on actual services and goods
Given that not all Eloop's electric cars are tokenized and almost all EOTs have been bought, the founders are expected to announce a second round of issuance soon.
The idea of earning passive income from Tesla ride-sharing seems to be resonating with the residents of Vienna already.
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