The luxury watchmaker has officially indicated its desire to offer metaverse and crypto-related products as 2022 sees an increase in companies filing similar trademarks.
Cryptocurrency adoption is on the rise, and concepts like Web3 and the Metaverse are becoming so popular that big corporate players are shifting their weight toward these trends. Luxury timepiece maker Rolex has entered the fray, joining the likes of payments giant VISA to file trademarks for metaverse, cryptocurrency, and NFT-related products.
According to data published by Michael Kondoudis, a trademark and patent attorney, Rolex filed trademark applications for products related to non-fungible tokens, cryptocurrencies, and virtual environments, i.e., metaverse. Kondoudis released the data on November 7th, and Rolex spelled out its intentions in the filings.
One part of Rolex’s trademark application indicates plans to onboard non-fungible tokens, media backed by NFTs, and NFT marketplaces. It suggests plans to offer virtual versions of its luxury watches at scale. The application also mentioned virtual goods auctions, cryptocurrency keys/transactions, and cryptocurrency exchanges.
Specifically, the trademark application covers “digital wallets, downloadable software for blockchain technology, virtual environment product placements, online spaces for buying and selling of virtual products, like luxury watches and watch parts,” and other details. Rolex filed its trademark applications on 31st October with the United States Patent and Trademark Office (USPTO).
Rolex’s move is a common occurrence in 2022, as the number of companies filing trademarks for metaverse virtual goods, digital wallets, non-fungible token goods and services, and crypto-related products is high. The report released by trademark attorney Michael Kondoudis covered the number of applications the USPTO received up until the end of October 2022.
According to the data, trademark applications for cryptocurrencies and related goods and services numbered 4,708 this year. This number is already greater than the total for 2021, which stands at 3,547. Trademark applications filed for the metaverse and products related to the metaverse also reached a high, soaring to 4,997. Compared to 1,890 applications in 2021, the number doubled in less than a year.
These documents and data suggest that the appeal of the metaverse, NFTs, and cryptocurrencies is ever on the rise, even with the present market conditions and the numerous hiccups that blockchain companies have faced. While the focus on metaverse technology is increasing, others like NFTs are not without hype too. Despite the increasingly bad market conditions and low NFT trading volumes across marketplaces, more firms are filing NFT-related trademark applications.
Kondoudis’s report shows that about 6,855 trademark applications have been filed this year, more than three times last year’s total (2,142). In October, several big names filed trademark applications to enter into Web3.
VISA filed at least three separate trademark applications related to cryptocurrency wallets and payments, virtual environments, NFTs, etc. Makeup and cosmetics behemoth Ulta filed new trademark applications for NFTs and virtual offerings of its makeup and salon services on October 21.