I'ts about time: Rolex next up in the Metaverse?
The cryptocurrency industry is expanding, and its assets are becoming increasingly popular – leading some well-known high-end brands including luxury watchmaker Rolex, to jump on the crypto bandwagon themselves.
Rolex has filed trademark applications related to cryptocurrencies, metaverse, and non-fungible tokens (NFTs), according to the data published by trademark and patent attorney Michael Kondoudis on November 7th.
Specifically, the luxury watchmaker's trademark application suggests plans to introduce NFTs, NFT-backed media, NFT marketplaces, crypto keys and transactions, virtual goods auctions, as well as virtual and cryptocurrency exchange.
According to the documents, the trademark was filed with the United States Patent and Trademark Office (USPTO) and covers "downloadable software for blockchain technology," digital wallets, "online spaces for buyers and sellers of virtual products such as watches and watch parts," virtual environment product placements, and more.
Meanwhile, Rolex is another in the long line of famous watch brands that have recognised the appeal of the crypto sector and implemented cryptocurrencies and blockchain technology into their products and operations.
Back in mid-May, Swiss watchmaker TAG Heuer announced it was accepting crypto payments including Bitcoin (BTC), Ethereal (ETH), and Dogecoin (DOGE) for online purchases on its United States website, in partnership with crypto payment provider BitPay.
Two months later, it was joined by Breitling, which also partnered with BitPay to allow customers to purchase its wristwatches and straps using major digital assets, as well as stable coins, including Finance USD (BUSD), Gai (DAI), Gemini Dollar (GUSD), USDP, and USD Coin (USDC).
At the same time, TAG Heuer launched a smartwatch feature that turns its Connected Calibre E4 product into an NFT viewer for customers to showcase their digital asset collection with verified proof of ownership, while Hublot launched 200 limited-edition luxury watches available for online purchase using chosen crypto.
However, it is still 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.
In late August, timepiece maker Jacob & Co revealed an all-new limited-edition Bitcoin-themed deluxe watch, the first high-complication watch dedicated to and inspired by the crypto space.
To learn more about luxury watch brands and their entry into Web3, give this 3-minute read a go.