Rolex has joined the growing list of mainstream companies looking to reposition for the metaverse, which is widely spotlighted as the next iteration of the internet. On Monday, trademark attorney Mike Kondoudis disclosed that the popular luxury wristwatch manufacturer has submitted a trademark application, covering services related to digital currencies, nonfungible tokens (NFTs) and the metaverse.
Rolex’s trademark application lists plans for NFTs and crypto
The trademark was filed with the United States Patent and Trademark Office (USPTO) on October 31st, claiming plans for virtual products, and digital collectables, including NFT-backed media and marketplaces. Among other things, the application also covered plans for crypto exchange transactions and management services.
The trademark application is Rolex’s first-ever step into the cryptocurrency, metaverse and nonfungible token market. Until now, the company has since remained silent about crypto trends, while other competitors take the charge, including Tag Heuer, which launched a smartwatch that allows users to flaunt their NFT collections.
It’s unclear whether Rolex would launch a physical product related to cryptocurrency, and how offerings proposed in its trademark application would pan out. However, a digital collection from the luxury watchmaker seems more plausible and could launch the company’s product into the metaverse – similar to Adidas.
Adidas is one such mainstream company branching out to the metaverse. The apparel giant recently teased a soon-to-launch NFT collection, which will be featured on its metaverse website.
Crypto trademark filings jump in 2022
Public attention on cryptocurrency and metaverse has risen significantly, following the entrants of mainstream companies in recent years. Meanwhile, the list of popular brands joining the crypto trends has surged to record levels, irrespective of the recent bear market, which affected the prices of major crypto-assets.
According to Kondoudis, the number of trademark applications for cryptocurrency services in the United States stands at 4,708, as of October 31st. This represents a 32% increase from the previous record of 3,547 last year. Also, the submissions for NFTs and metaverse stand at 6,855 and 4,997, respectively, in the same period.