Ferrari Eager To Prance Into The Metaverse and NFTs — Are EVs No. 2 Priority?

Ferrari Chief Executive Officer Benedetto Vigna said that the luxury sports car manufacturer is vying to enter the blockchain, the metaverse and non-fungible token (NFT) industry in the future. The top honcho also stated they will continue to invest in its cryptocurrency activities soon.

In the company’s quarterly earnings call, Vigna ascertained to the public that Ferrari is looking for ways to adapt to the fast-paced innovations of technology.

Recently, Ferrari sealed a deal with Swiss blockchain company Velas Network which sets the stage for the establishment of exclusive digital content and metaverse brand for the Scuderia’s fans. 

In return, Velas will handle most of the official e-sport teams of Ferrari and will be the sponsors for official tournaments.

Ferrari Revs The Metaverse

With this announcement, Ferrari is confirming its venture to the metaverse. At the forefront of this development is their partnership with Amazon Web Services (AWS) in Wales to handle digital technologies and Web 3.0.

Related Reading | Forget Lambo, Ferrari Is Launching Its Own Collection Of NFTs

“For sure, the digital technologies, the web 3.0 technologies that they’re using, the Blockchain, and the NFT is an area that is interesting for us, it deserves some attention,” Vigna said in an interview with Binance.

Total crypto market cap at $1.87 trillion in the daily chart | Source: TradingView.com

To scale up the company in welcoming the development, Ferrari decided to set up a new unit focused on digital technology within its retail department.

Despite the lack of an established definition, Web 3.0 is a decentralized internet infrastructure that functions through blockchain. Unlike the 1.0 and 2.0 versions which are completely free of owners, the market shares for Web 3.0 can be bought in the form of digital tokens.

This kind of platform will potentially be owned by “random people” and would not rely on government regulation. It would also take away the authority from corporate backing of big Silicon Valley companies like Meta and YouTube.

Highly Stacked Field

Nonetheless, Vigna acknowledged that Ferrari faces a slew of competitors in the cryptocurrency industry, many of whom have established strong footholds.

He also said that “The Prancing Horse” has a lot of catching up to do to be a forerunner in the highly competitive field. 

Related Reading | Velas Powers Into Formula 1 With Multi-year Scuderia Ferrari Partnership

Meanwhile, traditionalists ascribe Ferrari to a product line with commanding engines, and they believe that scrapping them would be sacrilege.

Many Ferrari aficionados cringe at the thought of a car without a rip-roaring and symbolic V8 or V12.

Nevertheless, the archetypal Italian brand has no choice as the future of automotive technology points to EVs. This new clientele is something Ferrari wants to attract, but not something it is rushing into.

The sales of NFTs are showing peaks everyday and as digital assets get more attention, they are already expecting that more companies — the “institutions” in the car-building industry included — are also co-opting their products to the blockchain system.

Featured image from Pixabay, chart from TradingView.com