Rolex files applications for NFT, metaverse trademarks

British-founded Swiss watch designer and prestigious manufacturing company Rolex has joined the expanding NFT metaverse bandwagon by filing for trademarks associated with cryptocurrencies, NFTs, and the Metaverse. Michael Kondoudis, a leading trademark and patent attorney, came to Twitter to share fresh information about Rolex, the prestigious luxury watchmaker firm.

Rolex enters into the booming sector

Rolex has submitted trademark applications for NFTs and Metaverse, according to Koundoudis. It is reported that Rolex will soon release blockchain-based products, notably NFTs, in order to capitalize on current crypto market developments.

Rolex’s application also mentions the company’s interest in “digital collectibles and non-fungible tokens,” indicating that the company may soon create NFT-backed content, an NFT marketplace, or a virtual and cryptocurrency exchange.

The application provides details on Rolex’s intention to launch online auction services for digital valuables such watches, digital collectibles, art artifacts and NFTs. The luxury wristwatch company is also interested in establishing “online spaces for buyers and sellers of virtual products such as watches and watch parts.”

The watchmaker’s digital expansion plans to make an entry to market through advertising in video games, which has recently developed as a lucrative digital extension providing significant profits and widespread acceptance.

Official trademark applications show the files were first registered on October 31st with the United States Patent and Trademark Office (USPTO). Rolex’s interest in electronic transfers of money and virtual currencies as well as services managing assets in digital currencies was also revealed in the documents.

Growing metaverse activities and interest have lately emerged as a new sector for businesses to pursue and profit from. Several luxury corporations, including Dolce and Gabbana, Burberry, Gucci, Tiffany & Co and Tag Heuer, are among the most recent to join the booming sector. Back in May, Balenciaga, a Paris-based luxury fashion house, implemented a cryptocurrency payment system, including Bitcoin (BTC) and Ethereum (ETH), as part of its long-term plan for the sector.