By Alicia Maher
Ford Motor Company, the famous American-based car manufacturer, is the latest to show interest in the NFT ecosystem and the Metaverse. The company has submitted 19 trademark filing that covers its leading car brands.
Ford Files 19 Trademark Applications
On Wednesday, Mike Kondoudis, a trademark attorney, tweeted that Ford has submitted 19 trademark applications. The trademark filings cover the company’s car brands, such as Bronco, Lincoln, F-150 Lightning, Explorer, and Mustang.
Additionally, the application covers virtual vans, SUVs, cars, trucks, and brand clothing. The company also has plans to launch an NFT online marketplace.
According to the documents submitted to the USPTO, Ford submitted the applications on September 2nd. Other products the company wishes to provide are downloadable texts, audio, videos, and artworks fracturing its trucks, vans, SUVs, and cars.
These digital products will be authenticated using NFTs. Users can use the virtual clothing and goods in the Metaverse, and virtual trade shows are done using AR and VR.
Furthermore, the company wants to develop an NFT marketplace where it would promote digital products. The marketplace will promote the virtual artwork of other brands and also showcase digital collectibles.
Meanwhile, the company’s decision to embrace Web3 development comes after the company’s recent staff cuts. Weeks ago, Jim Farley, the company’s CEO, and Bill Ford, the executive chairman, laid-off workers to reduce the firm’s expenditure.
Ford is not the first car manufacturer to show interest in Web3 products like the Metaverse and NFTs. Other car manufacturers like Toyota, Hyundai, and Nissan also plan to extend their operations to the virtual space.
Car Manufacturers Embrace NFTs And Blockchain Technology
Luxury car producers like Lamborghini and Bentley have already issued NFT collections. Digital ownership is gradually becoming mainstream in the global market.
Companies and organizations are working on increasing consumer interaction using blockchain technology and web3. One way is to transform physical products into virtual goods that users can interact with online.
Car manufacturers are trooping into the NFT and metaverse space in large numbers. According to reports, the NFT space would be worth over $240 billion before the decade ends.
Last December, MG Motors India launched over 1,111 tokens into the NFT space. This is the company’s first NFT collection launched on its NFT platform, NgageN.
Furthermore, McLaren, a sports car producer, announced in June 2021 that it wants to mint digital versions of the F1 cars. This would turn them into NFTs, which users can buy and use in the virtual space.
Earlier this year, Mercedes-Benz commissioned the work of five NFT artists – Anthony Authié, Charlotte Taylor, Antoni Tudisco, Baugasm, and Roger Kilimanjaro. The NFT artists produced an NFT collection for its G-Class vehicles.
Also, Mercedes had partnered with Circulor, a blockchain firm, to track the emission of cobalt in its supply chain. This shows that car manufacturers are opening up to the potential of blockchain tech and Web3 products.