Ferrari Leads at Pole Position in the Metaverse Grand Prix
Bendetto Vigna, CEO of Ferrari explores new online opportunities for the Italian automaker.
When I think of Ferrari a few things come to mind, that burning hot red (officially known as Rosso Corsa), racing, and luxury. As the pinnacle of luxury automobiles, Ferrari doesn’t only innovate with their car, it also does it with its marketing. Under the vision of its new CEO, Bendetto Vigna, they are entering the world of NFTs, metaverse, and Web3. During an earnings call with analysts Vigna said:
“It’s important to look into new technologies that could help our brand.”
The partnership between Swiss technology company Velas Network and Ferrari’s own new digital media department will put the Italian stallion ahead of its competition when it comes to NFTs. Velas will aid with the creation, distribution, and management of Ferrari’s new digital art for fans. It will be an extension of the brand’s new efforts to remain relevant to younger consumers. “The company last year made its yet-to-be-released 296 GTB model drivable in the popular game Fortnite.”
As a non-gamer or luxury car driver, but as a marketer what intrigued me the most about Ferrari developing new digital technology is the impact it will have on their community of Ferrari owners. There is a big difference between being a brand’s fan and owning the brand. I think it’s a great idea for them to grow their online presence, but I am more interested in learning how this presence will translate to sales for the brand.
It’s a bold move for an automotive brand to jump on the metaverse as other industries are still trying to find their way around Web3. Kudos to Ferrari and specially Bendetto Vigna for taking risks to explore new technologies. I am interested to learn more about Vigna’s vision for the brand, historically during a CEO’s first year with the brand, the biggest changes launch. Now, in his second year, Vigna will implement those changes.
As the NFT and metaverse trend is only getting started, and as Millennials and Gen-Z explore new uses for the metaverse and Web3, I can say this trend is here to stay. The “internet” we grew up with is evolving and brands either evolve with it or sink trying.
A study by eMarketer found that 32% of respondents would use the metaverse “As a digital car-buying tool”, 40% would “Engage in thrill-seeking adventures”, and a whopping 43% would attend “An event, concert, or festival”.
If offered the opportunity, would you attend a Grand Prix on the metaverse? Why? Or why not? Have you ever attended a Grand Prix in person? If yes, I would love to read your thoughts on how you think the experience would be different. Share in the comments.
