Non-fungible tokens have started to gain traction due to the recent rise in cryptocurrency prices. General Motors, the automaker behind the famous Chevrolet and Cadillac car brands, is the latest to show interest in investing in the NFT sector.
Founded in 1908, General Motors is an American multinational automaker behind the famous Chevrolet and Cadillac brands.
The company was the world’s largest for the past 77 years before losing its dominance to Toyota in 2008.
General Motors Company (GM), the Detroit-based multinational automaker, wants to join the NFT scene.
General Motors filed trademark applications with the U.S. Patent and Trademark Office on Feb. 16, attorney Mike Kondoudis tweeted;
GM has filed a pair of new applications to trademark:
— Mike Kondoudis (@KondoudisLaw) February 21, 2023
According to the data presented, General Motors intends to trademark its luxury car brands, Chevrolet and Cadillac, and use them to launch digital products. General Motors plans to authenticate digital media files containing text, artwork and audio with NFT.
Specifically, the U.S. auto manufacturing giant intends to offer services in the form of downloadable multimedia files containing audio, video, or digital artwork authenticated by NFT. The trademark applications will allow GM to have legal ownership of NFT’s use of its trademarks.
Other luxury car brands on the Web3
General Motors joins a growing list of car brands that have already invested in the fledgling sector.
In November 2022, luxury carmaker BMW filed for NFT and metaverse brands to launch tokenized virtual vehicles, among other assets.
On December 14, Mercedes Benz filed metaverse and NFT patents with the U.S. Patent and Trademark Office.
According to the filings, the automaker planned to launch virtual assets, such as animal skins, carpets, rugs and floor mats, luggage, handbags, clothing, and footwear.
Other automakers in the non-fungible token sector include Lamborghini, which recently partnered with app-based marketplace VeVe to launch digital collectibles, and Lexus, which adopted NFTs to issue high-performance driving certificates.
As for other initiatives, Lamborghini announced last week a collaboration with VeVe to bring some of its most popular sports cars to the NFT space, starting with the Huracán STO.
Meanwhile, BMW last month unveiled the “I Vision Dee,” a metaverse car that represents the brand’s future vision of digital mobility.
General Motors and Web3
The company filed an earlier trademark application two years ago, seeking to leverage blockchain in the creation of a “decentralized distributed map” for its vehicles.
Although the automaker revealed in February 2021 that it has no plans to follow in Tesla’s footsteps by investing in Bitcoin, it noted that it will monitor customer demand as it mulls over the idea of accepting Bitcoin payments.
The GM subsidiary partnered with SuperRare to release an exclusive digital collectible representing its 2023 Chevrolet Corvette Z06. The NFT was auctioned off and the winner received an actual Corvette Z06.
GM’s recent NFT trademark applications are the latest in a string of applications filed by notable brands, such as Rolex and Visa. Last November, automaker Nissan filed five NFT-focused trademark applications.
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