Ford Filed Trademark Applications for NFTs & Virtual Cars

The largest automaker in the US, Ford, recently surprised the industry by filing 19 trademark applications. The automobile giant followed Sony’s footsteps to enter the metaverse with an NFT marketplace, virtual cars, and more.

Like Sony, the news was confirmed by Mike Kondoudis, the intellectual property attorney. According to the tweet, Ford is eyeing a major move in the metaverse with:-

  • Online stores for non-fungible tokens
  • Virtual clothing, vans, trucks, and cars

While the development was huge, it came out of nowhere. Ford hinted at exploring NFTs and the metaverse back in July while reducing its worldwide workforce. The company decided to cut down on its recurring expenses.

Jim Farley, Ford’s CEO, talked about the move and how it was necessary. According to Farley, building Ford’s future required reshaping and changing every aspect the company had cultivated for over a century.

It needs speed, clarity, and focus. As discussed for the past several months, it also means deploying resources while addressing the ongoing cost structure. While the system caters to the traditional market reforms, it will not sustain the upcoming industry changes, added Farley.

Ford is not the first automobile giant to explore the NFT market, as Hyundai Motors led the charge back in April. The company filed a trademark application for its media content, looking for consideration to offer its virtual fashion items.

These products included eyewear, footwear, clothing, and sportswear. Hyundai also aimed to develop downloadable car images and virtual characters for VR.

Mercedes also partnered with MBSJQ in June to release its NFT collection on FTX. Similarly, premium car manufacturers like Bentley and Lamborghini launched NFT collections in 2022.

Seeing the success of these manufacturers, the move by Ford seems natural. The development is expected to be a huge hit, given its overall market reach.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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