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

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 that 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 bonas fideateing its venture to the metaverse. At the forefront of this progress 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 which 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 evolution, Ferrari decided to set up a new unit focused on digital technology inside its retail department.

Regardless of 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 that are completely free of owners, the market shares for Web 3.0 can be bought in the form of digital cryptocurrencies.

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

Highly Stacked Field

After all, Vigna acknowledged which Ferrari faces a slew of competitors in the token industry, many of whom have established strong footholds.

He still said which “The Prancing Horse” has a lot of catching up to do to be a forerunner in the excessively competitive area. 

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

Meanduring the time, traditionalists ascribe Ferrari to a product line with commanding engines, and they believe which 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 which more companies — the “institutions” in the car-creating industry included — are one time before more co-opting their products to the blockchain system.

Featured image from Pixabay, chart from TradingView.com