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Rolex enters metaverse with crypto and NFT trademark applications

News
Rolex enters metaverse with crypto and NFT trademark applications

The rave of a burgeoning combination of real and virtual worlds through Non-fungible tokens (NFTs) seems to have finally caught up with the fashion world. Rolex becomes the latest fashion brand, filing trademark applications for registration and adoption of the so-called “metaverse.” 

According to the November 7th tweet from Attorney Michael Kondoudis, a patent attorney at the United States Patent and Trademark Office (USPTO), the luxury watchmaker, during its filing on Oct 31st, outlined its plans to fully engaged the metaverse using NFTs, NFT marketplaces, NFT-backed media, Crypto keys, virtual goods auctions and so much more

He said:

Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:

 ⌚️ NFTs + NFT-backed media + NFT marketplaces

 ⌚️ Crypto keys and transactions

 ⌚️ Virtual goods auctions

 ⌚️ Virtual and cryptocurrency exchange + transfer.”

Based on the report, this Rolex application is part of its general expansion plans as it also plans to create virtual products in areas of online gaming. The company believes this has the potential to give significant profits with a high tendency to promote the mainstream adoption of  NFTs.

Rolex’s Interest in Crypto

Rolex is the latest on the list of luxury brands hoping to explore the capabilities and opportunities in the metaverse world. It believes implementing blockchain technology and cryptocurrency into its services will engage more people. Moreover, this will generate more profits for the company and prepare them for the eventual “future of metaverse” regardless of bearish market trends. 

Other luxury brands in the Metaverse

Bulgaria — Currently described by many as the world’s thinnest mechanical watch, it became a luxury asset of interest first for its slim design and then for its laser-engraved QR code on the ratchet wheel. That has made it very easy for its incorporation into NFTs.

Its boss Antonie Pin says it’s the brand’s way of maintaining its horological heritage while offering new technology to its customers. f

Hublot — It started its adoption of NFTs and crypto in February when it unveiled the big bang Unico ledger package, consisting of 42 mm ceramic big bang, a ledger, and Hublot nano x limited edition crypto hardware wallet. 

It unveiled two co-created NFT artworks it developed with one of its Japanese partners ( Takashi Murakami).

Panerai — Currently has just 33 pieces of its limited edition and about 44mm timepiece, the  Luminor Goldtech Perpetual calendar wristwatch is housed in a case made from a combination of Luminor Goldtech Perpetual-goldtech and alloy. 

It already has an NFT, and owners of the luxury watch can access this NFT benefits and its experience. 

Louis Moinet — A stunning space-like wristwatch of horological origin. Recently it unveiled a 1000 NFT watch catalog based on the idea of a  space-time revolution, and these NFTs were all sold within seven minutes.

TAG Heuer — The swiss watchmaker sometime in May announced that it would be accepting payments in crypto options like Bitcoin, Dogecoin, and Ethereum for any online purchase made 

via its website in the United States using BitPay as its payment gateway. 

It also unveiled a smartwatch feature that turns connected Caliber E4 products into an NFT viewer for customers wishing to showcase their digital asset collection alongside proof of ownership.