Ford Files Trademark Applications For NFT And Metaverse
After a brief lull since June, the NFT and Metaverse markets have recently attracted speculators, institutions, and brands. American automobile manufacturer “Ford” is the most recent company to express plans to enter the fast expanding NFT market.
Mike Kondoudis, an intellectual property attorney, stated in a blog post published on September 7 that “Ford” has submitted a trademark registration indicating its plan to study the non-fungible token (NFT) and metaverse sector.
As per Kondoudis, Ford has submitted 19 trademark applications for all of its key trademarks with the United States Patent and Trademark Office. The automaker plans to provide virtual automobiles, trucks, cans, and apparel. In addition, the American automaker intends to open online storefronts that will sell digital collectibles and non-fungible tokens (NFTs). The presence of these fills indicates that Ford is prepared to enter the metaverse business.
The American vehicle maker alluded to its forays into the metaverse and NFT when announcing layoffs to lower its recurrent expenses in August. Jim Farley, the chairman and chief executive officer of Ford, stated:
“Building his future means altering and redesigning practically every facet of how we have conducted business for over a century. It needs concentration, clarity, and swiftness. And, as we have said over the last several months, this requires relocating resources and correcting our unviable business model compared to old and new rivals.”
In April, Hyundai Motors, a South Korean automobile manufacturer, announced plans to enter the NFT industry. Hyundai submitted a trademark application for its digital content to the United States Patent and Trademark Office during that time.
As stated in the trademark registration, the automakers wanted to market their digital fashion goods, including athletics, eyeglasses, clothes, and footwear. It also planned to develop virtual personas and automobile pictures for virtual reality that could be downloaded (VR).
Mercedes-Benz signed a collaboration agreement with graphic artist MBSJQ in June to debut its NFT series on the cryptocurrency market FTX. Lamborghini and Bentley, two American automobile manufacturers, have also released their NFTs series earlier this year.
Tamadoge is an additional NFT and Metaverse-focused venture that has just entered the NFT market. Tamadoge has amassed over $13.2 million via token presale, with only around 30% of its token remaining.