Quick take:
- Popular sports car company Ferrari has become the latest brand to venture into the metaverse.
- It launched a department dedicated to exploring opportunities in ‘the space that blends virtual reality, gaming and social media.’
- CEO Benedetto Vigna said the automaker is also working on new tech partnerships.
Italian sports car giant Ferrari has on Wednesday launched a department dedicated to exploring opportunities in the space that blends virtual reality, gaming and social media. The iconic automobile brand also said the department will include technologies like blockchain and non-fungible tokens (NFTs).
The company CEO Benedetto Vigna also said Wednesday Ferrari is on new technology partnerships as it looks to bolster its brand in the metaverse.
Speaking during a conference call with analysts, Vigna said it was important to explore opportunities in technologies that could help the brands. The metaverse has been touted as the future of human communications and interactions. As such, brands see it as the next frontier in fan engagement.
Giant technology companies like Facebook, now Meta Platforms and Microsoft have invested heavily in the new space as they look to take lead in the virtual world.
The computing software giant recently bought global video game developer Activision Blizzard for nearly $69 billion while Meta this week showed a glimpse of how avatars could look in the metaverse after rolling out 3D avatars on its social media platforms.
In the auto industry, Ferrari won’t be the first to look into the world of NFTs after its compatriot and global competitor Lamborghini announced space-themed NFTs last month.
Ferrari history in digital entertainment is not starting now, the luxury carmaker last year launched its 296 GTB model drivable in the popular video game Fortnite.
And although the 296 model is yet to be released, the company’s close ties with the entertainment industry goes back several years, highlighted by the shiny red Testarossa, a popular star of “Out Run” the arcade racing game released by Sega in 1986.
Ferrari is currently undergoing a major restructuring at the top level, with Vigna joining from the semiconductor industry last year. One of his major tasks has been to try to accelerate the company’s shift towards batteries.
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