Rolex Debuts NFT World, Files for Trademark Applications
Geneva-based luxury watchmaker, Rolex files trademark applications for use in the cryptocurrency, NFT, and metaverse world.
British-founded Swiss watch designer and manufacturer Rolex has submitted trademark applications for NFT-related products with the United States Patent and Trademark Office (USPTO). Sources disclosed that the fashion brand filed this application on the 31st of October 2022. Recently, critics have regarded the NFT World as a mere fantasy. Despite this, many traditional companies and brands are delving into the space, including the luxury timepiece maker.
According to Michael Kondoudis, a popular trademark and patent attorney, Rolex has filed trademark applications related to cryptocurrencies, metaverse, and non-fungible tokens (NFTs). Rolex plans to introduce NFTs, NFT-backed media, NFT marketplaces, crypto keys and transactions, virtual goods auctions, and virtual cryptocurrency exchanges.
Rolex Trademark Application Features Marketplace
Details from the applications show that Rolex is not only launching its NFTs but also software that would augment the sales of these digital assets, including watches. In addition, the luxury brand is building a platform where buyers and sellers can trade similar assets. The luxury brand application differs significantly from previous trademark applications. Unlike other firms which file trademarks to sell NFTs, Rolex is filing for a marketplace where its NFTs can be traded. Rolex will possibly make a wave in the NFT world because Rolex watches are valuable assets in the real world. These watches maintain their value after purchase allowing owners to resell them easily
Rolex is another famous watch brand that has reckoned with the benefits of the crypto sector and integrated cryptocurrencies and blockchain technology into its product and operations. Earlier this year, Tag Heuer, a swiss luxury watchmaker in partnership with BitPay, announced the use of BTC, ETH, and DOGE for payments on its US website. A while after, the 15th most recognizable Swiss watch brand, Breitling, also collaborated with BitPay enabling customers to make payments in BUSD, DAI, GUSD, USDP, and USDC.