General Motors (GM) was among several multinational corporations that filed for trademark applications related to Web3 and the metaverse in February. Intellectual property attorney Mike Kondoudis said GM's trademark application includes filings for non-fungible tokens (NFTs), unique digital tokens that are stored on a blockchain.
"GM has filed a pair of new applications to trademark: Chevrolet and Cadillac. The applications cover NFT-authenticated media files," Kondoudis wrote in a Feb. 21 Twitter post.
GM's trademark application, which was filed in mid-February, indicates that the automotive firm is interested in "downloadable digital media files containing collectible artwork, text, audio and video" in the form of NFTs for its Chevrolet and Cadillac brands, according to Kondoudis' tweet.
Other corporations that took steps into the Web3 space in February included Walmart and French clothing giant Lacoste, CoinTelegraph reported. Lacoste filed five trademark applications in mid-February that include plans for NFTs, virtual stores and clothing, and cryptocurrency transaction software. Walmart's trademark applications, filed earlier in the month, included plans for crypto trading and other financial services, as well as virtual healthcare, NFTs and blockchain software related to Sam's Club.
Many corporations filed for crypto and metaverse-related trademarks in January as well, including the National Geographic Society, pet food brand Pedigree, French fashion brand Yves Saint-Laurent, Nationwide Insurance and Irish distiller Jameson, according to CoinTelegraph.
Michael Novogratz, the CEO of crypto investment firm Galaxy, said in a YouTube video earlier this year that in light of the hits the crypto industry has taken over the last several months, retail organizations participating in the crypto space is a vital step toward helping institutions become comfortable enough to get more involved in crypto.
"Crypto needs the retail participants to come back to these communities, to buy in, to believe, to drive price, because that's what's going to get institutions back engaged," Novogratz said. "Institutions intellectually understand this business – blockchain versus Bitcoin versus Ethereum – they've done all their homework. They're gun shy."
Businesses have increasingly turned to NFTs to generate more customer engagement and loyalty, Entrepreneur reported. NFTs, which are unique digital tokens that are stored on a blockchain and can't be duplicated, can serve as tickets to events, proof of membership, collectible memorabilia or rewards for customers. One example is Burger King's NFT-backed loyalty program, called Royal Perks. Through the program, customers can scan a QR code on a meal box and receive an NFT game piece. After collecting three game pieces, the customer can receive a reward such as free Whopper sandwiches. Other businesses might use NFTs to serve as proof of membership, so members do not need to carry a physical card or remember a password. Instead, the member can simply store the NFT in their digital wallet.