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This automobile giant becomes the latest to step foot in the NFT world

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10
Sep

The Ford Motor Company has revealed its metaverse ambitions. The automobile giant has been the latest to file a trademark with the United States Patent and Trade Office (USPTO).

Trademark attorney Mike Kondoudis tweeted that the American car giant filed 19 trademark applications covering major brands, such as Mustang, Lincoln, Bronco etc.

Closer look at the application

A closer look at one of the 19 applications shows that the filing covers various products. These include downloadable artwork, text, audios, and videos featuring Ford cars. These would be authenticated by NFTs, digital merchandise, and an NFT marketplace to promote digital artwork among other things.

The application also mentioned “downloadable virtual goods” featuring accessories and vehicle parts. This would be meant for “online virtual worlds” including exhibitions held in virtual and augmented reality.

New trend in the industry

The automotive industry is witnessing a trend of affiliation with the metaverse, through NFTs and digital products. Furthermore, established brands, such as Nissan, Toyota, and so on are also announcing projects related to the space.

Additionally with NFTs-bundled with the actual car, it is possible that NFTs may be offered as an accessory with the purchase of cards. This may complement the eco-friendly pivot of automakers towards electric models

Mike Kondoudis also tweeted earlier this week that 2022 has seen over 5,800 trademark applications filed for NFTs and related services. The second quarter of 2022 alone saw 2351 filings, more than 2087 filed throughout 2021.

Earlier this year, Mercedes Benz partnered with Art2People to commission a one-off Mercedes Benz NFT collection based on their G-Class lineup. Around the same time, Italian sports car manufacturer Lamborghini announced their first NFT collection.

NFT trend catching on to related industries

British automaker McLaren announced in June this year that its Formula 1 (F1) arm would be creating the McLaren Racing Collective. This would be an NFT collection featuring their race cars. The F1 championship themselves revealed last month that they plan to introduce NFTs and digital merchandise.

Crypto exchanges have also capitalized on the growing interest of retail users in NFTs. Exchanges have been partnering with several teams as sponsors in the F1 World Championship. FTX partnered with Mercedes F1, Aston Martin teamed up with crypto.com. Furthermore, Ferrari is being sponsored by Velas.

The thousands of filings made with the USPTO are indicative of increasing adoption of NFTs among big names globally. The metaverse is seeing participation from big tech, automobile, fashion and fast food industries.

The NFT industry is projected to become a $240 billion industry by the end of the decade. This is evident that everyone wants a piece of it.

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