Friday, October 7, 2022

Ford Makes Move into the Metaverse with trademark filings

Ford Motor Company, an American car manufacturer has caught the metaverse fever as it has joined a growing list of automakers who are either issuing or exploring non-fungible tokens.

The automaker has filed for trademarks relating to the metaverse and non-fungible tokens (NFTs).

According to trademark attorney Micheal Kondoudis, the auto giant filed 19 applications covering all of its major brands. This includes virtual automobiles, SUVs, trucks, vans, land vehicle parts and accessories, and clothing.

It also covers online retail stores featuring NFTs and digital collectibles.

The trademark application which was filed on September 2 still awaits approval from the United States Patent and Trademark Office (USPTO).

The application filed under Section 1(B), indicates the auto giant’s intent to use the digital assets. The application model includes downloadable multimedia files, downloadable virtual goods, and NFT promotions in the metaverse.

Ford’s application comes at a time when acceptance and adoption of cryptocurrency are at a record high. It signals the firm’s interest in the metaverse. It’s also a testament to the rapid involvement of automakers in the metaverse and NFT subsector.

Interestingly, Ford joins other luxurious automobile brands like Bentley, Lamborghini, and Hyundai who are active participants in the NFT ecosystem.

Luxury automobile line Bentley made its debut into the NFT ecosystem with the release of its art-based NFT collection in June. The limited edition collection (208) will be available to customers later this month.

Aside from Bentley automobile brands like Mercedes Benz have all released their own NFT collections.

Industries mark their territories in the metaverse

Although the current crypto winter and the collapse of the terra/luna ecosystem have induced concerns and heightened regulation for the space. The industry keeps expanding as several industries get on board finding their place in the ecosystem.

In April, New York-based online payment company Mastercard showed interest in the sector as it filed for trademarks relating to the metaverse and NFTs. The payment processor plans to process payments in the virtual world for users via credit card, debit card, or even prepaid card.

Earlier in the year, leading American healthcare service provider CVS Health, filed for a trademark application. The application covered prescription drugs, health, wellness, beauty, and personal care products.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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