Ford Motors Gears up for the Metaverse by Preparing Automobile Collections and NFTS. – crypto.news
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Ford Motors, an American car manufacturing company, is the latest car company to show interest in NFT and the virtual universe space. Ford is preparing to enter the Metaverse by developing Non-Fungible Tokens (NFT) and metaverse collectibles. These collectibles are available for use in the virtual universe. The lawsuit has been sealed after company representatives signed 19 different trademark applications across all major Ford fleets.
NFT trademarks of Ford
The car manufacturing company signed several trademarks covering major brands as it claims to develop virtual Ford cars, trucks, vans and clothes.
The company is developing an online store for its non-repairable tokens and collectibles. Interested participants buy and sell Ford NFTs and collectibles in the online store. It’s still unclear how Ford Motors will create an online store, as the company has yet to reveal full details of its upcoming virtual projects.
The United States Patent and Trademark Office USPTO filed Ford documents that reveal the company plans to create NFTs in the form of downloadable works of art in the form of text, audio and video. Ford Motors uses these forms to create unique NFTs that match past, present and future automotive projects. Ford Motors has also revealed plans to mint virtual goods that NFT fans can download and use to their heart’s content.
These products include computer programs that include vehicle parts, vehicle accessories and clothing, and gears. According to Ford Motors, virtual products are useful for participants in the virtual universe Metaverse. One of the use cases for these collectibles is participating in online fairs and games in virtual and augmented reality. Users have the option to choose the NFTs to be acquired from the company according to their preferences.
Ford’s move to Metaverse comes weeks after Ford Chairman Bill Ford and CEO Jim Farley announced plans to restructure by making significant staff cuts to minimize the company’s expenses. This decision may mean that the company wants to make massive and expensive investment plans in the new digital space at the expense of laying off employees.
Is Ford Motors already late to the NFT party?
The automaker isn’t the first car company to announce giant steps into the virtual space. Other leading automotive companies around the world, such as Nissan, Toyota, and Hyundai, have also announced plans to invest in the growing NFT market and expand into the hugely growing Meterverse space. These decisions are a good marketing strategy and an opportunity to generate more revenue for companies as they gain popularity among crypto and NFT fans.
Ford isn’t the first car company to enter the Metaverse space. Famous luxury car manufacturers such as Lamborghini and Bently have already signed up for Metaverse.
However, it is not too late for Ford, as the sector continues to develop and attract institutional and retail investors.