The renowned watchmaker Rolex just became the latest luxury brand to enter Web3 and the metaverse. News that Rolex filed several trademark applications related to non-fungible tokens (NFTs), cryptocurrency, and the metaverse was released via tweet from trademark and patent attorney Michael Kondousis on November 7th.
The trademarks — filed with the United States Patent and Trademark Office (USPTO) on October 31st — signal the brand’s plans to engage the metaverse through NFTs, NFT marketplaces, virtual goods auctions, cryptocurrency, and even a crypto exchange. Here’s more of what the patent covers:
- Downloadable computer software for blockchain technology
- Software for NFTs, digital wallets, and downloadable cryptographic keys
- Online auction services for NFTs and digital collectibles
- Virtual products including watches and watch parts
- Metaverse product placement in online environments and games
The move comes as part of Rolex general expansion plans to create virtual products in online gaming environments, which the company thinks has the potential to be profitable and promote mainstream NFT adoption. It also is preparing for the “future of metaverse,” and sees implementing crypto and blockchain technology as a way to engage new audiences.
The Swiss luxury watchmaker is known for its prestigious, high-precision watches throughout the world. Now it looks like it won’t be long before those timepieces enter the metaverse.
A Big Year for Luxury Brands in Web3
Rolex is far from the only luxury brand to show interest in Web3 and the metaverse this year. At Rarity Sniper, we’ve reported on several luxury brands filing Web3 trademarks, launching NFT collections, and creating metaverse experiences. Here are some of the top stories.
Hermès, the luxury fashion brand founded in 1837, filed a Web3 trademark application for digital collectibles, NFTs, cryptocurrency, and downloadable software. The application also covered financial services related to virtual currency, and retail services featuring goods online or in the metaverse.
Next, TAG Heuer, another Swiss watchmaker, released a smartwatch that can display and verify non-fungible tokens. The Calibre E4 lets owners download software to connect to MetaMask or Ledger Live to authenticate and display their favorite NFTs.
Lastly, the Italian luxury fashion brand Gucci debuted its Gucci Vault Land in the popular decentralized metaverse The Sandbox. The pop-up, which ends November 9th, showcases the luxury brand’s Web3 strategy and will include NFTs, games, contests, and more.
The diversity of ways in which fashion and luxury brands are expressing themselves in Web3 is something to behold. Only time will tell what the legendary watchmaker Rolex will bring to the table — but we’ll be keeping our eyes open and our ears pricked for more news.