General Motors Files New Chevrolet Trademark for NFTs

By
Mitch Talley
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7
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General Motors Files New Chevrolet Trademark for NFTs

Photo Credit: Chevrolet


You certainly can’t accuse General Motors of quickly giving up on NFTs, or non-fungible tokens.

After last year’s fiasco when GM tried to break into the NFT world with an “Own the Color” 2023 Corvette Z06, the company reported that it had received no bids during the extended four-day auction, then optimistically said it had nevertheless proven to be an “educational” experience.

Exactly what they learned is up for debate.

Nevertheless, on Feb. 16, 2023, GM pressed forward by filing a trademark for the use of Chevrolet’s brand name in NFTs with the United States Patent and Trademark Office. The request covers the Chevrolet wordmark being used in “downloadable digital media files containing collectible artwork, text, audio, or video authenticated by non-fungible tokens (NFTs).”

For those of you who are scratching your heads right now, we explained on this blog last year that an NFT is a non-fungible token that is backed by the Ethereum cryptocurrency blockchain.

Corvette Photo Credit: xsullo / SuperRare


Still scratching your head?

A non-fungible token is essentially a unique item that can be traded or sold. Over the last year, NFT auctions have exploded with people paying millions for “unique artwork,” and digital artists are supporting NFTs as they can continue to receive royalties on each subsequent sale. Unfortunately, there has also been a rash of hacks surrounding NFT artwork as well with people losing their NFTs because they clicked on a bad link. NFTs are the wild, wild west of the art world.

Last year’s Z06 auction starting bid, set in a cryptocurrency, was multiple times the rumored retail price of a 2023 Corvette Z06, and there were no bids placed. The action was even extended by another day and there were still no bidders, even though the winner would have ultimately received a one-of-a-kind Minted Green Z06.

Chevrolet’s Trevor Thompkins released a statement about the auction last June, saying:

Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers. The “Own the Color” project has enabled us to establish relationships and learn from leaders in the space, such as xsullo, SuperRare and The Crypt Gallery on how to authentically approach the passionate NFT community. We’ll take what we’ve learned and apply it to future projects.

While the trademark filing simply addressed using “Chevrolet” in conjunction with “downloadable digital media files containing collectible artwork, the filing did include examples of Chevrolet NFT Hot Wheels cars that are part of the Hot Wheels NFT garage:

Chevrolet/Hot Wheels


Source:
Jalopnik.com

Related:
Chevy’s First Foray into NFT Auctions Was a Bust With Zero Bids for the Minted Green Corvette Z06
Auction Extended to 5 PM EST Saturday for Chevy’s ‘Own the Color’ NFT Auction with a Minted Green 2023 Corvette Z06
Chevrolet Offers First NFT Artwork and You Can ‘Own the Color’ and a 2023 Corvette Z06 in Minted Green

 



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7 COMMENTS

  5. Mary Barra is out of touch with the world……….couldn’t be a worse chief!!!!!!!!!!!!!!

  6. This whole thing is mind blowing , people spending 100,000 over asking price for this car is simply retarded, wake the hell up America. We will be in war soon, you need to save every penny you earn inflation is going to strangle all of us.

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