BMW is preparing to move into the Metaverse. The German car manufacturer has already submitted NFT and Metaverse patents in the US to protect its brand. The applications cover not only downloadable multimedia assets but also virtual garments authenticated by NFT and the logo that the company has protected in virtual space.
BMW outlined in the announcement by trademark lawyer Kondoudis to develop an existing brand and product representations as collectables in the form of NFTs, for example, to offer virtual clothing for online games and environments.
Despite the major slump in the market, interest from companies in the future market remains. For NFTs, the number of trademark applications filed has increased threefold compared to last year to 6,855.
It is important to understand the difference between cryptocurrencies and NFTs. The current speculation on trading within the unregulated market has little impact on corporate NFTs. These cannot be easily exchanged with each other; their price depends on demand and the evolution of the value of NFTs is unpredictable.
Brand presence in the virtual world is associated with exclusivity. Many car manufacturers in the premium segment, therefore, see great potential.
Lamborghini is in the process of having its NFT collection designed and Porsche also announced that it will integrate the potential of blockchain technology into its operations. In addition, manufacturers like Hyundai, Ford, and Mercedes-Benz are applying for patents for NFTs and the Metaverse. The automotive industry is changing. It is becoming increasingly important to be able to compete not only in the real world but now also in the Metaverse.
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