Ford Motors, a US-based car manufacturing company, has become the latest automobile company to showcase its interest in NFTs and the virtual universe space. Ford prepares to enter the Metaverse by developing Non-Fungible Tokens (NFTs) and metaverse collectibles. These collectibles will be available for use in the virtual universe. The claim has been sealed as the company representatives signed 19 different trademark applications on all significant Ford Fleets.
Ford’s NFT Trademarks
The car manufacturing company signed various trademarks that would cover significant brands as it claims to develop virtual ford cars, trucks, vans, and clothing.
The company will develop an online store for its Non-Fungible Tokens and collectibles. Interested participants will buy and sell the Ford NFTs and collectibles on the online store. It is still unclear how Ford Motors will create the online store as the company has not yet released complete details of its incoming virtual projects.
The United States Patent and Trademark Office, USPTO, filed documents by Ford revealing that the company has plans to create NFTs in the form of downloadable artwork in the form of text, audio, and video. Ford Motors will use these forms to create unique NFTs that will coincide with past, present, and future projects of the automobile industry. Ford Motors has also revealed plans to mint virtual goods that NFT fans can download and use to their preference.
These goods include computer programs that feature parts of vehicles, vehicle accessories and clothes, and gears. According to Ford Motors, virtual goods will be helpful to participants in the virtual universe-The Metaverse. One of the use cases of these collectibles will be in the attendance of online trade shows and games in virtual and augmented reality. Users will have the opportunity to choose the NFTs to acquire from the company according to their preference.
The move by Ford to enter the Metaverse comes weeks after Ford’s chairman Bill Ford and the CEO Jim Farley promulgated plans to restructure by conducting a considerable staff cut to minimize the company’s expenses. This decision could signify that the company wants to take massive and expensive investment plans in the new digital space at the cost of laying off workers.
Is Ford Motors already Late for the NFT Party?
The car manufacturing company is not the first automobile company to announce gigantic steps toward virtual space. Other car manufacturing industry-leading companies worldwide, such as Nissan, Toyota, and Hyundai, have also proclaimed their plans to invest in the booming NFT market and expand immensely in the growing Meterverse space. These decisions will be a good marketing strategy and a chance to generate more revenue for the companies as they gain popularity among crypto and NFT fans.
Ford is not the first car company to make a move into the Metaverse space. Famous Luxury car manufacturers like Lamborghini and Bently have already enrolled in the Metaverse.
It is, however, not too late for Ford as the industry is still developing and gaining more attraction to institutions and retail investors.