Ford To Enter The NFT Industry As Well? All You Need To Know
- As per United States Patent and Trade Office (USPTO) licensed attorney Mike Kondoudis, the automobile manufacturer Ford Motors has filed a total of 19 trademarks related to car brands, including Mustang, Bronco, Lincoln, Explorer, F-150 Lightning, and many more as well.
- The firm also proposed an online marketplace which seems to hint at the fact that there is a possibility of an NFT marketplace.
Ford, an American multinational automobile manufacturer headquartered in Dearborn, might be entering the NFT and metaverse industry sooner than you expect. According to a Twitter post from United States Patent and Trade Office (USPTO) licensed attorney Mike Kondoudis, the automobile manufacturer has filed a total of 19 trademarks related to car brands, including Mustang, Bronco, Lincoln, Explorer, F-150 Lightning, and many more as well.
In a Twitter post, Kondoudis linked to one of Ford’s nineteen new Web3 trademark applications at the USPTO and it was revealed that the trademarks cover virtual cars, trucks, vans, SUVs and clothing for its brands. Interestingly, the firm also proposed an online marketplace which seems to hint at the fact that there is a possibility of an NFT marketplace.
The USPTO documents were filed on September 2 as per the data and it can be confirmed that the firm aims to create “downloadable artwork, text, audio, and video featuring its cars, SUVs, trucks, and vans all of which will be authenticated by NFTs.”
Ford also plans to create “downloadable virtual goods, namely, computer programs featuring automobiles, SUVs, trucks and vans, land vehicle parts and accessories, and clothing for use in online virtual worlds,” which confirms that the firm is working on its own metaverse model.
The automobile manufacturer also aims to introduce entertainment in its metaverse and will provide “online non-downloadable virtual automobiles, SUVs, trucks and vans, land vehicle parts and accessories, and clothing for use in virtual environments created for entertainment purposes.” There are also plans to host “online exhibitions via virtual reality and augmented reality.”
Although Ford has confirmed that it is entering the NFT and metaverse industry, the company’s Chairman Bill Ford and CEO Jim Farley announced significant lay offs recently owing to the macro economic conditions and also, due to the fact that the firm is now shifting to electric vehicles. The company laid off 3,000 employees including 2,000 full-time salaried employees and 1,000 contract workers.
“Building on this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century. It means redeploying resources and addressing our cost structure, which is uncompetitive versus traditional and new companies,”
the email circulated by the CEO among employees stated.
It seems that the Ford Motor Company has huge plans ahead regarding the NFT and metaverse industry along with manufacturing electric vehicles on a large scale.
However, Ford is not alone in the NFT and metaverse industry.
As reported by Bitnation previously, Animoca Brands-backed metaverse The Sandbox confirmed its partnership with the South Korean division of the French automaker Renault SA, Renault Korea Motors, as the firm aims to offer digital automotive experiences in the virtual world.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
