Rolex joins the metaverse with trademark applications for crypto and NFTs
The cryptocurrency sector is booming, and its assets are becoming more popular, prompting several renowned luxury companies, such as Rolex, to join the crypto bandwagon.
According to information released on November 7 by Michael Kondoudis (The Law Office of Michael E. Kondoudis), a trademark and patent attorney, Rolex has applied to register a number of trademarks relating to cryptocurrencies, the metaverse, and non-fungible tokens (NFTs).
In particular, the luxury watchmaker’s trademark registration reveals intentions to launch NFTs, NFT-backed media, NFT markets, crypto keys and transactions, virtual goods auctions, and virtual and cryptocurrency exchanges.
Documents submitted on October 31 with the United States Patent and Trademark Office (USPTO) reveal that the trademark extends to “downloadable software for blockchain technology,” digital wallets, “online spaces for buyers and sellers of virtual objects such as watches and watch components,” and product placements in virtual environments, among other things.
Rolex is the latest in a long line of renowned watchmakers to notice the allure of the crypto industry and integrate cryptocurrencies and blockchain technology into their goods and operations.
In conjunction with cryptocurrency payment processor BitPay, Swiss timepiece TAG Heuer announced in mid-May that it will accept Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) for online purchases on its United States website.
Two months later, Breitling teamed with BitPay to let users buy its wristwatches and straps using significant digital assets and stablecoins, such as Binance USD (BUSD), Dai (DAI), Gemini Dollar (GUSD), and USD Coin (USDC).
Simultaneously, TAG Heuer introduced a smartwatch feature that transforms its Connected Calibre E4 product into an NFT viewer for customers to display their digital asset selection with verified proof of ownership, and Hublot introduced 200 limited-edition luxury watches that can be purchased online using a specified cryptocurrency.
Finbold noted that at the end of August, watchmaker Jacob & Co unveiled a brand-new limited-edition Bitcoin-themed luxury watch, the first high-complication watch devoted to and inspired by the crypto world.