By
Chimamanda U. Martha
April 22nd, 2024
Before Ford filed its trademark application relating to NFTs, Hyundai Motors also revealed intentions to issued NFTs.
Amid the alarming increasing rate of non-fungible tokens (NFTs) adoption, car maker Ford (NYSE: FORD) has filed trademark applications suggesting the company is moving towards the metaverse. With the application, Ford is now the latest car manufacturer to take the NFTs path, as many other automobile companies have issued their own NFT collections.
Ford Takes Significant Step Toward NFTs and Metaverse
Taking a step into the metaverse and NFTs space, Ford has filed 19 trademark applications for all its major brands. USPTO licensed trademark attorney Mike Kondoudis shared details of the Ford trademark applications on Twitter (NYSE: TWTR). The company plans to offer virtual cars, trucks, cans, and clothing. Also, the American automobile manufacturer has plans for online stores that feature digital collectibles and NFTs.
Although there are no specifics on the NFTs approach, the applications indicate that Ford is ready to debut in the metaverse industry. Meanwhile, last month, the American automobile manufacturer cut 3,000 jobs from its global workforce. At the time, the company said it was letting go of some of its salaried and contracted staff to reduce expenditures. CEO Jim Farley confirmed the staff dismissal, adding that it will cut across India, Canada, and the US. Additionally, Ford said the employee elimination would span over its two businesses, such as EVs and internal combustion engines. Announcing the jobs lowering, the automaker wrote:
“Building his future requires changing and reshaping virtually all aspects of the way 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.
Automobiles’ Foray into NFT Market
Before Ford filed its trademark application relating to NFTs, Hyundai Motors also revealed intentions to issued NFTs. Kondoudis revealed in a tweet that the South Korean car giant has filed for a US trademark application for NFTs and NFT-backed media content. According to the trademark application, the automaker is considering having its own virtual fashion products like sports gear, eyewear, clothing, footwear, and more. It is also planning for virtual avatar and car images and downloadable image files featuring virtual cars for VR. However, this is not Hyundai’s debut in the NFT space. The company launched its NFTs in April and also created a community-based collection.
Mercedes-Benz, Lamborghini, Bentley, and top vehicle products have also rolled out their own NFT collection. Mercedes partnered with digital artist MBSJQ to launch its NTF collection on FTX in June. In January, the luxurious vehicles company announced NF-G, its first NFT project.