These 3 luxury brands moved into Metaverse and NFTs in Nov.
Despite the depth of the bear market, brands plan to build on metaverse and non-fungible tokens (NFT). Here is a compilation of the latest developments in the sector.
November 2022 will be remembered as the worst month in an extreme bear market. The collapse of FTX, which was once one of the largest crypto exchanges in the world, set a domino effect on the entire market.
November, the beginning of the NFT Bull Run?
The collapse in the cryptocurrency market did not extend to the NFT and metaverse market. Despite unfavorable market sentiments, the volume of the top 5 NFT collections increased. Bored Ape Yacht Club recorded the highest sales in the last six months. And United States Patent and Trademark Office (USPTO) registered 24 brands for NFTs and related services.
Consequently, society expects it to be the beginning of NFT bull run.
Luxury brands build on Metaverse and NFTs
The NFT and metaverse industry is catching up in adoption. There was a fairly bullish development for the industry in November. The month started with an update from Mike Kondoudis that luxury watchmaker Rolex has registered a trademark for the NFT, NFT marketplaces and cryptocurrency exchange. Mike Kondoudis is a well-known licensed trademark lawyer.
Later, Reebok joined Nike and Adidas in the metaverse. It filed trademark applications with the USPTO to trademark its name for virtual footwear, headgear and sports equipment. Which shoe would you wear in the virtual world, Nike, Adidas or Reebok?
On the last day of November, Mike came up with the most exciting update for car lovers, “BMW is coming to the metaverse!” BMW applied to trademark its virtual vehicle logo, virtual vehicle stores and related services.
The community is eager to be part of the metaverse with BMW. In total, over 367 US trademark applications were filed for metaverse and virtual goods/services.
Investors Bullish for Metaverse
Animoca Brands, the parent company of The Sandbox, plans to invest $2 billion in metaverse projects. Animoca Brands is also the largest stakeholder in the leading metaverse project, The Sandbox.
South Korean firm Daesung Private Equity has allocated a budget of nearly $83.5 million to its metaverse fund. While there was interest from brands and investors in the metaverse segment, Facebook, a company that rebranded itself as Meta last year, laid off 11,000 employees.
With Meta earnings down more than 24% since the rebrand, the company had to implement strict cost-cutting measures.
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