Quick take:
Renault South Korea has collaborated with The Sandbox to bring virtual automobile experiences to the metaverse. The French automaker said it plans to launch NFTs, blockchain games and virtual reality products on the leading metaverse platform.
Renault is taking advantage of the rapid adoption of web3 in the mainstream. Described as the next generation of the internet, Web3 leverages blockchain technology, artificial intelligence, AR/VR, and decentralised applications among other emerging technologies to democratise the web.
Commenting on the partnership, Cindy Lee, CEO of The Sandbox South Korea said: “New types of experiences that combine automobiles and digital assets in The Sandbox.”
The metaverse platform has sealed several partnerships with South Korean companies, the latest in a long list being the collaboration with TV network, Munhwa Broadcasting Corporation (MBC), announced on Friday.
Previous partnerships include a joint venture with Cube Ent to launch Anicube, a metaverse project dedicated to bringing K-Culture to the masses through 3D virtual worlds.
With this partnership, Renault is following in the footsteps of several automakers that have already forayed into web3.
In February, Ferrari launched a department dedicated to exploring opportunities in the metaverse, while fellow Italian luxury car maker Lamborghini has been an active participant in the NFT space.
Elsewhere, Bentley launched a one-time NFT drop in June making its first foray into web3, whereas Japanese luxury automaker Acura marked the launch of the 2023 Acura Integra with a limited NFT drop of the car model.
Even India’s Mahindra & Mahindra jumped on the same train earlier this year with digital collectibles based on Thar.
Therefore, while Renault seems to be taking a multi-pronged approach to its web3 strategy, it certainly arrives a little late to the party.
Stay up to date:
PUMA Jumps into Web3 with Metaverse Experience Featuring Exclusive NFTs
30 BAYCs Were Today Taken Off The BendDAO Collateral
Kabir Kochhar: “The best successes of any VC have happened in economic downturns”
ETC Group to Debut Europe’s First Metaverse ETF at the London Stock Exchange
Layer 1 Blockchain Protocol Rubix Secures $100M Investment from LDA Capital
CI Global Jumps on the Metaverse Bandwagon with New Thematic ETF
