GM will not abandon the concept of selling NFTs as a source of revenue. the market has told the Detroit automaker in advance, but it is laying the groundwork for another attempt at digital collectibles. Based on GM agency, General Motors has trademarked the use of Chevrolet’s brand name in non-fungible tokens or NFT as crypto players call it.
The new brand is filed by February 16, 2023 with the U.S. Patent and Trademark Office and includes a label from Chevrolet being used in “downloadable digital media files containing collectible artwork, text, audio, or video.” The set is authenticated with a non-fungible token. (NFT)” NFTs registered on a blockchain are used to authenticate the original media pieces to which they are connected.
This is not the first time General Motors has attempted to enter the crypto world. Last year Chevrolet tried to auction turn off the NFT of its Corvette Z06 2023. The auction winner will also receive a physical version of the mid-engine sports car. No one won the NFT after the four-day bidding period. The auction’s starting price, set in cryptocurrency, is several times the rumored retail price of a 2023 Corvette Z06 and no bids are set. The action is extended for another day and still no bidders.
Chevrolet said the auction was an “educational” experience, but it raised a question. What did the automaker learn? It’s not yet clear what General Motors plans to do with the new branding or if it’s simply a protective measure. One can only wonder how bizarre GM’s next adventure into the NFT will be.
