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CVS Health Is Entering the NFT, Virtual Goods Space, Trademark Filings Show

News
CVS Health Is Entering the NFT, Virtual Goods Space, Trademark Filings Show

American healthcare company CVS Health is the latest to join the NFT and the metaverse frenzy, a recent trademark application confirms.

CVS Health Joins the NFT Bandwagon

According to a report by The Block, CVS Health has filed a trademark application that indicates potential plans to offer non-fungible tokens (NFTs) and healthcare services in virtual reality and augmented reality.

Notably, the trademark filing was posted on February 28, 2022.

For the uninitiated, CVS Health is the parent firm of several well-known US-based businesses such as CVS Pharmacy, and Aetna, the insurance company. Interestingly, CVS Health was ranked fourth on last year’s Fortune 500 list.

While it’s now public knowledge that CVS Health might be considering introducing support for NFTs and the metaverse, it can’t be said for sure when the company decides to roll out the new Web3 offerings. This was also confirmed by a trademark attorney, Mike Kondoudis.

The trademark filing process can be divided into two categories, i.e., 1A filing and 1B filing.

1A filing implies actual use in which a company gives the government evidence of use for the trademark. In contrast, 1B filing merely indicates that there’s an intention to use. Essentially, a 1B filing means the company has intentions to use the technology in the future while not necessarily having any immediate plans for the same.

Notably, the filing made by CVS Health is on a 1B basis. The filing indicates the company’s plans to offer digital and virtual goods and prescription drugs in a virtual setting.

A representative from CVS told The Block:

“As the leading health solutions company, we’re consistently enhancing our omnichannel health services to meet the needs of consumers when and where they want them, including at home, virtually and in the community.”

Adding:

“We’re also regularly looking at new and innovative ways to engage consumers through a digital-first, technology-forward approach, which is why we recently made trademark filings related to virtual health care services, as well as other virtual goods and services.”

Is the NFT Euphoria Simmering Down?

Despite an increasing number of companies joining the NFT bandwagon in recent times, it seems the uncertain macro-economic outlook and geopolitical tensions have drained liquidity out of risk-on assets and commodities, including NFTs.

As previously reported by crypto.news, leading NFT marketplace OpenSea witnessed its trading volume slump by as much as 37 percent after a series of exploits and rising user dissatisfaction.

However, despite the temporary slump in the NFT market, big companies are not shying away from embracing the emerging tech to take customer engagement to the next level by making it more personalized.

Recently, crypto.news reported that KPMG Canada had purchased several World of Women NFTs as part of its  ‘long-term corporate strategy.’

Benjie Thomas, Managing Partner of Advisory Services at KPMG Canada, said:

“This acquisition reflects our belief not only in the continued growth of NFTs, but in the value of WoW and its mission. Having now gone through the process, we are well-positioned to guide our clients around building a corporate NFT strategy, including, acquiring and safeguarding NFTs.”

Most recently, crypto.news reported that leading American pizza restaurant chain Papa Chains was offering free NFTs minted on the eco-friendly, high-speed, Tezos (XTZ) blockchain.