Rolex looks to bring luxury watches to the Metaverse
(Kitco News) - Swiss luxury watchmaker Rolex is looking to get in on the Metaverse game as evidenced by a recent trademark application filing related to cryptocurrencies, non-fungible tokens (NFTs), and virtual goods.
The details of the trademark application Rolex filed with the United States Patent and Trademark Office (USPTO) were tweeted by trademark and patent attorney Michael Kondoudis and indicate that the luxury watchmaker has extensive plans for its brand in the Metaverse.
According to the data provided, the trademark application with serial number 97655284 was registered on October 31 and includes plans for nonfungible tokens and the exchange and transfer of virtual currencies.
Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:— Mike Kondoudis (@KondoudisLaw) November 7, 2022
?? NFTs + NFT-backed media + NFT marketplaces
?? Crypto keys and transactions
?? Virtual goods auctions
?? Virtual and cryptocurrency exchange + transfer#NFTs #Metaverse #Crypto #Web3 #Perpetual pic.twitter.com/J8C93Qcybj
Along with a desire to conduct virtual goods auctions for digital collectibles, such as watches and art, the company is also looking to set up “online spaces for buyers and sellers of virtual products such as watches and watch parts.”
Rolex wants to firmly establish its brand in the Metaverse through the creation of NFTs, NFT-backed media and NFT marketplaces. As part of its virtual expansion, the luxury watchmaker also intends to market its brand via product placements in online games.
According to the filing, the areas where Rolex intends to apply its trademark include:
- Downloadable programs and media files containing NFTs and digital collectibles.
- Downloadable programs to be used as digital wallets and downloadable cryptographic keys for use in receiving and spending cryptocurrencies.
- An online platform to facilitate an auctioning service involving NFT-based virtual objects and digital collectibles.
- A virtual platform serving as an NFT marketplace for interested parties looking to buy and sell NFTs and digital collectibles.
- Providing services involving cryptocurrency exchange, transfer of digital assets amongst users, and management of cryptocurrencies.
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This is Rolex’s deepest foray into the cryptocurrency ecosystem yet as it looks to keep up with rival watchmakers like Jacob & Co, which unveiled its limited-edition Bitcoin-themed luxury watch in late August.
Switzerland-based luxury watchmaking firm TAG Heuer has also been active in the space, including a collaboration with crypto payment processor BitPay to accept crypto for its luxury watches.
Other luxury brands that have been exploring their options in the Metaverse include Burberry and Gucci, while numerous brands in other sectors, such as Nissan, VISA, and Western Union, have all been actively filing crypto-related trademark applications in 2022.