With trademark applications for cryptocurrency and NFT, Luxury Watchmaker Rolex joins the Metaverse
Some well-known high-end businesses, like luxury timepiece maker Rolex, have joined the cryptocurrency bandwagon due to the industry’s growth and the assets it contains’ rising popularity.
According to information released on November 7 by trademark and patent lawyer Michael E. Kondoudis (The Law Office of Michael E. Kondoudis), Rolex has indeed submitted trademark applications about cryptocurrencies, the metaverse, and non-fungible tokens (NFTs).
The luxury wristwatch specifically mentions plans to launch NFTs, NFT-backed media, NFT markets, crypto keys and transactions, virtual goods auctions, and virtual and cryptocurrency exchanges in its trademark registration.
The trademark, which was registered with the USPTO on October 31, reportedly covers “downloadable software for blockchain technology,” “digital wallets,” “online marketplaces for buyers and sellers of virtual goods such as watches and watch parts,” “product placements in virtual environments,” and more.
Interest in cryptocurrency among luxury watchmakers
Rolex is one of several well-known watch companies that have taken note of the potential of the cryptocurrency market and integrated blockchain technology and cryptocurrencies into their goods and processes.
In conjunction with cryptocurrency payment service provider BitPay, Swiss watchmaker TAG Heuer confirmed in mid-May that it was now taking cryptocurrency payments, such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), for online purchases on its American website.
Breitling joined it two months later, and the company teamed up with BitPay to let customers buy its wristwatches and straps using popular cryptocurrencies like Binance USD (BUSD), Dai (DAI), Gemini Dollar (GUSD), USDP, and USD Coin (USDC).
At the same time, Hublot unveiled 200 limited-edition Rolex watches that could be ordered online using a selected cryptocurrency, and TAG Heuer introduced a smartwatch feature that transforms its Connected Calibre E4 merchandise into an NFT viewer for clients to demonstrate their digital asset collections with authenticated proof of ownership.
The very first high-complication watch devoted to and inspired by the cryptocurrency realm was unveiled by watch manufacturer Jacob & Co. in late August, according to Finbold.
It’s also important to note that the recent market crisis didn’t deter luxury watchmakers like Tag Heuer and Hublot from using bitcoin as a form of payment throughout that challenging time.
The crypto crisis did, however, have some fascinating repercussions on the market for used luxury watches, which resulted in a rise in the supply of prominent watches such as the Rolex Daytona as well as the Patek Nautilus 5711A.
