There is a problem in the automotive industry regarding the development of vehicles that consumers desire and navigating supply chain logistics to mitigate costs and increase revenues. Also, since motor vehicles are becoming more digital every year, they are creating more data touch points than ever before. Klearcoat Labs is utilizing developments in Web 3 technologies to disrupt the automotive industry and leverage this digital movement.
“We’re using the newest Web 3 technology around blockchain and AI to create digital twins of automotive products. There are so many things we can do to improve quality, cut costs, drive more sales, and increase brand affinity with these digital vehicles through decentralized applications” stated Keith Wilson in an interview with StartupStage.
Keith aims to incorporate one of their products, Helix, early into the manufacturing process to cut production costs and track vehicle configurations that sell the quickest. This will eliminate the burden of new vehicles sitting on dealership lots for months on end and puts more downward pressure on the supply chain.
“The digital automotive ecosystem is going to be just as important as the physical automotive ecosystem in the future. Something I’ve been taught from my experience thus far [through many years working in the auto industry] is that you have to be so early in this market. We believe the digital automotive industry is really going to take off, and you’ve seen this in other plays from major brands like Nike and Rolex who are already creating digital twins of their products.”
What is Klearcoat Labs?
A product from Klearcoat Labs, Helix (currently version 1), is step one in the process of creating digital twins. The digital twins of physical automobiles, trucks, and motorcycles are minted into digital assets and are exact replicas of the physical vehicle. This will be able to be done at home through the Helix online tool for your current car or at a dealership when you purchase a vehicle.
Step two is the eventual implementation of real time data of the physical car on its digital twin. Users with a digital twin will be able to record important information such as when the vehicle was serviced, what was worked on, and other aspects such as number of accidents. This type of information is important especially if you’re thinking about re-selling your vehicle. Sound like CarFax, anyone? This is even better because you are in control of your information and digital assets for future use.
This technology can also prove the authenticity of classic vehicles, especially those of significant rarity. This authenticity is important when searching for car parts, maintenance of classic vehicles, and at auctions. Buyers in this space want to see authenticity regarding the vehicle and all parts used for repairs, which affect sellers' earnings. The digital twins Klearcoat Labs produces are seen as a credible stamp of approval.
Step three is an exciting endeavor in which Klearcoat Labs is creating an open world Metaverse. This will be a gaming environment in which those who own a car NFT through Klearcoat's Helix platform can race with their digital twins.
If you’re not a gamer, but want to take advantage of your digital twin, don’t worry! You will be able to lease and rent out your digital twin to others who don’t have one, allowing you opportunities to earn some passive income from your digital asset. Your digital car will now be able to pay off its physical counterpart!
Klearcoat Labs is in the early phases of building out their open world now, but hopes to launch in late spring or early fall of 2023.
“We’re taking a more unique approach. This won’t be a basic racing game. We’re going at it from a community perspective which automobile manufacturers can leverage for brand awareness.”
Klearcoat Lab’s Strategy
Klearcoat Labs has identified their target customers as automotive OEMs, Motorcycle companies, and customers who purchase new vehicles.
Their main goal right now is to connect with customers and create custom solutions with Web3 technology.
“We have decades of experience working in the automotive industry directly for automotive companies, so we really bring a unique perspective into the space. We are bridging the gap between the auto industry and and digitally native customers who enjoy Web 3 and gaming experiences.”
Coming soon, Klearcoat Labs will drop their own NFTs of custom Helix vehicles that users can buy and use in their open world gaming atmosphere. You can sign up to join the waitlist on their website and will be notified once Helix and the open world are open.
Keith was able to provide a teaser into some exciting collaborations and events Klearcoat Labs will be a part of this year. You’ll be able to see Keith and his team at a major Web 3 conference alongside one of the biggest influencers in Web 3. (Join their waitlist to be notified when the press release goes live!)
Advice for Fellow Founders
“Success is not final, failure is not fatal: it is the courage to continue that counts." – Winston Churchill
“As a startup founder, you are bound to encounter both success and failure on your journey. This quote reminds us that neither of these outcomes is permanent and that what truly matters is the resilience and determination to keep moving forward. Keep pushing through the challenges and setbacks, and you'll eventually reach your goals.” – Keith Wilson, Founder of Klearcoat Labs
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