Luxury watchmaker Rolex enters metaverse with crypto and NFT trademark applications
The cryptocurrency industry is expanding and its assets are becoming increasingly popular, leading some well-known high-end brands, including luxury watchmaker Rolex, to jump on the crypto bandwagon themselves.
In fact, Rolex has filed trademark applications related to cryptocurrencies, metaverse and non-fungible tokens (NFTs), according to the data published by trademark and patent attorney Michael Kondoudis (Law Offices of Michael E. Kondoudis) November 7.
Specifically, the luxury watchmaker’s trademark filing suggests plans to introduce NFTs, NFT-supported media, NFT marketplaces, crypto keys and transactions, virtual commodity auctions, as well as virtual and cryptocurrency exchanges.
According to the documents, the trademark was filed with the United States Patent and Trademark Office (USPTO) on October 31 and covers “blockchain technology downloadable software,” digital wallets, “websites for buyers and sellers of virtual products such as watches and watch parts,” product placements in virtual environments and more.
Luxury watchmakers’ interest in crypto
Meanwhile, Rolex is another in a long line of well-known watch brands that have recognized the appeal of the crypto sector and implemented cryptocurrencies and blockchain technology into their products and operations.
Back in mid-May, Swiss watchmaker TAG Heuer announced that it is accepting crypto payments, including Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) for online purchases on its US website, in partnership with crypto payment provider BitPay.
Two months later, it was joined by Breitling, which also partnered with BitPay to allow customers to purchase the wristwatches and straps using major digital assets, as well as stablecoins including Binance USD (BUSD), Dai (DAI), Gemini Dollar (GUSD ). ), USDP and USD Coin (USDC).
At the same time, TAG Heuer launched a smartwatch feature that turns its Connected Caliber E4 product into an NFT display where customers can show off their digital asset collection with verified proof of ownership, while Hublot launched 200 limited-edition luxury watches available for online purchase using selected crypto .
In late August, watchmaker Jacob & Co revealed a brand new limited edition Bitcoin-themed deluxe watch, the first high-complication timepiece dedicated to and inspired by the crypto space, as Finbold reported.
Finally, it’s also worth noting that the recent month-long market crash didn’t turn high-end watchmakers away from crypto, as TAG Heuer and Hublot continued to accept cryptocurrency as a payment method throughout the difficult period.
However, the crypto crash had some interesting consequences on the pre-owned luxury watch market, leading to an increased supply of prestigious timepieces such as the Rolex Daytona and the Patek Nautilus 5711A.
