Ford Files Trademark Applications For NFT And Metaverse

Source: Business 2 Community

NFT and Metaverse mania now seems back after a short retard since June, with the market attracting investors, institutions, and brands lately. American car manufacturer “Ford” is the latest firm signaling intentions to join the rapidly growing NFT space.

In a September 7 blog post, Mike Kondoudis, the intellectual property attorney, confirmed that the car manufacturer “Ford” has filed a trademark application suggesting its intentions to explore the non-fungible token (NFTs) and metaverse space.

Ford Eyes The NFT And Metaverse Market

According to Kondoudis, Ford has filed 19 trademark applications with the United States Patent and Trademark Office for all its major brands. The car manufacturer intends to offer virtual cars, trucks, cans, and clothing.

Moreover, the American automobile manufacturer has plans for online stores that will feature digital collectibles and non-fungible tokens (NFTs). These fillings indicate that Ford is ready to debut into the metaverse industry.

The American automobile manufacturer hinted about its metaverse and NFT foray last month while announcing the laying-off of its global workforce to reduce its recurring expenditures. While confirming the staff laying off, Jim Farley, the CEO of Ford, remarked:

“Building his future requires changing and reshaping virtually all aspects of how we have operated for more than a century. It requires focus, clarity, and speed. And as we have discussed in recent months, it means redeploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors.”

Other Automobile’s Foray Into NFT Market

In April, the South Korean-based car manufacturer Hyundai Motors revealed intentions to seed the NFT market. At the time, Hyundai filed a trademark application with United States Patents and Trademark Office for its media contents.

According to the trademark application, the automakers sought consideration to offer its digital fashion products such as sportswear, eyewear, clothing, and footwear, among more. It also intended to create virtual avatars and downloadable car images for virtual reality (VR).

In June, the luxurious vehicle’s maker “Mercedes-Benz” inked a partnership deal with digital artist MBSJQ to launch its NFT collection on crypto exchange FTX. American car manufacturers Lamborghini and Bentley have also rolled out their NFTs collections this year.

In a related development, Tamadoge is another NFT and Metaverse-related project that has joined the NFT market lately. Tamadoge has already raised more than $13.2 million from token presale, with less than 30% of its token left.