General Motors (GM) has filed NFT-related trademark applications for its Cadillac and Chevrolet brands. The applications filed on February 16 specifically cover media files, including video, audio and art that can be authenticated via NFTs.
The company has already issued NFTs for both of these brands. In October 2022, Cadillac auctioned NFTs to commemorate the 120th anniversary of the company. In June 2022, Chevrolet partnered with SuperRare to auction a digital collectible representing the 2023 Corvette Z06. However, we didn’t find a trademark application for Corvette.
The most obvious motivation for the filings is to stop others from issuing NFTs that relate to its brands. An example is the recent intellectual property lawsuit won by the luxury brand Hermes. It sued Mason Rothschild, who created the MetaBirkins NFT collection featuring images of handbags in the style of Birkin bags.
Sometimes trademark filings are indicative of future plans in web3. Luxury car manufacturer BMW, filed similar trademark applications covering digital files authenticated with NFTs and also the metaverse. Following this, it unveiled a metaverse-inspired concept car i Vision Dee.
Trademark filings by other automotive manufacturers highlight the broader interest in the metaverse from the sector. In September 2022, Ford filed 19 trademark applications, and Mercedez-Benz filed trademark applications for NFTs and cryptocurrencies for multiple car models.
With the metaverse projected to have an impact of $5 trillion by 2030, several sectors are seeking value in the metaverse. Reports indicate that the automotive industry is amongst the leaders in current metaverse adoption. Around 17% of their digital budgets go towards investment in the metaverse. The trademark filings indicate the automotive industry continues to find value in creating unique virtual experiences for deeper digital engagement.