Ferrari Wants to Take Its Real-World Wow Factor to the Metaverse

(Bloomberg) -- Ferrari NV, already an automaking icon in the real world, is now looking to bolster its brand also in the metaverse.

The Italian maker of luxury cars has set up a department focusing on digital services that's exploring opportunities arising from the space that blends virtual reality, gaming and social media, Chief Executive Officer Benedetto Vigna said Wednesday. The push also includes technologies such as blockchain and non-fungible tokens.

“It's important to look into new technologies that could help our brand,” Vigna said during a conference call with analysts. Ferrari is working on new tech partnerships, he said.

While the metaverse is a work in progress, some tech giants see it as the future of human communication and interaction. Mark Zuckerberg called the space “the next frontier” when he changed his company's name from Facebook to Meta Platforms Inc. last year. Commercial opportunities in the metaverse are one reason why Microsoft Corp. is buying game publisher Activision Blizzard Inc. in its biggest ever deal.

Ferrari has a history in digital entertainment. The company last year made its yet-to-be-released 296 GTB model drivable in the popular game Fortnite. A shiny red Testarossa was the star of ‘Out Run,' a blockbuster arcade racing game released by Sega in 1986 and later ported to consoles and home computers, becoming one of the era's best-sellers. Ferrari is in the midst of a major overhaul as Vigna, who joined from the semiconductor industry last year, tries to speed up the company's shift toward batteries.