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Rolex Files Trademark Application For NFTs & Cryptocurrency

  • The trademark application asserts intentions for virtual auctions of Rolex watches and watch parts.

  • In 2022, 6855 US trademark applications for NFTs and related goods/services were filed.

  • Some argue that the trademark application is simply the brand's tactic for protecting itself from infringements.

08 Nov 2022 By : COIN GABBAR
Rolex Files Trademar

Rolex, the Swiss luxury watchmaker, has filed a trademark application for the NFT, NFT marketplaces, and cryptocurrency exchange.

Mike Kondoudis, a well-known licensed trademark attorney, announced on Twitter that Rolex has filed a trademark application for NFTs and cryptocurrency exchange. It claims the Swiss watchmaker's plans for NFTs, NFT-backed media, NFT markets, virtual goods auctions, crypto keys, virtual asset exchange, and transfer.

In the metaverse, will your digital avatar wear a Rolex watch?

The trademark application alludes to virtual auction services for watches and watch parts. It also covers marketing through product placement in online games or virtual environments.

With this, the community speculates on whether or not Rolex will enter the metaverse. Rolex owners are requesting a special NFT airdrop. Some community members, however, believe that this is simply Rolex protecting themselves from potential infringement on metaverse or NFT initiatives.

Despite the crypto winters, brands are focusing on NFTs and the virtual world in 2022

For cryptocurrency and NFT assets, 2022 has been a gloomy year. Bitcoin, the most popular cryptocurrency, has dropped by more than 50% since January 2022. However, this has not deterred brands from expanding in the NFT and metaverse space.

According to Mike Kondoudis, 4708 US trademarks for digital/cryptocurrencies related goods/services have been registered. At the same time, 4997 US trademark applications for metaverse and virtual goods/services have been filed. Finally, 6855 US trademark applications for NFTs and related goods/services have been filed in 2022. It is more than three times higher than the figure for 2021. Last year, the brands filed only 2142 applications. The figure was surpassed in the first three months of 2022.

Recently, Nissan filed trademark applications for classic automobile models such as the GTR, SKYLINE, and Z, citing plans for NFTs and related services. Last month, the well-known Kraft Food Group and In-N-Out Burger also filed trademark applications for NFTs and related services.

What do you think about Rolex move to venture into NFT space? Share your views in the comment box below?

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