The cryptocurrency industry is booming and its assets are becoming increasingly popular, which has led to several well-known high-end brands, including luxury watchmaker Rolex, jumping on the cryptocurrency bandwagon themselves.
Indeed, Rolex has filed trademark applications related to cryptocurrencies, metaverse and non-fungible tokens (NFTs), according to the data. published on by trademark and patent attorney Michael Kondoudis (Law Office of Michael E. Kondoudis) on November 7.
Specifically, the luxury watchmaker’s brand app suggests plans to introduce NFTs, NFT-backed media, NFT markets, crypto keys and transactions, virtual goods auctions, as well as virtual and cryptocurrency exchanges.
According to the filings, the trademark was filed with the United States Patent and Trademark Office (USPTO) on Oct. 31 and covers “downloadable software for technology blockchain “, digital wallets, “online spaces for buyers and sellers of products virtual objects such as watches and watch parts”, product placements in virtual environments, etc.
Luxury watchmakers’ interest in cryptocurrencies
Meanwhile, Rolex continues a long line of famous watch brands that have recognized the appeal of the cryptocurrency industry and implemented cryptocurrency and blockchain technology into their products and operations.
In mid-May, Swiss watchmaker TAG Heuer announced that it was accepting crypto payments, including Bitcoin (BTC),’Ethereum (ETH) and Dogecoin (DOGE) for online shopping on its US website, in partnership with crypto payment provider BitPay.
2 months later, it was joined by Breitling, which has also partnered with BitPay to allow customers to purchase its watches and bracelets using major digital assets as well as stablecoins, including Binance USD (BUSD), Dai (DAI), Twin Dollar (GUSD), USDP and USD Coin (USDC).
Meanwhile, TAG Heuer launched a smartwatch feature that turns its Connected Caliber E4 into an NFT viewer for customers to display their collection of digital assets with verified proof of ownership, while Hublot launched 200 limited edition watches luxury available for online shopping using your choice. crypto.
In late August, watchmaker Jacob & Co unveiled a new bitcoin-themed limited-edition luxury watch, the first high-complication timepiece dedicated to and inspired by the crypto space, as reported by Theinquirer.
Finally, it’s also worth noting that the recent months-long stock market crash hasn’t driven high-end watchmakers away from crypto, as TAG Heuer and Hublot have continued to accept cryptocurrencies as a form of payment during this difficult time. .
However, the crypto crash has had some interesting consequences for the second-hand luxury watch market, leading to an increase in the supply of high-profile pieces such as the Rolex Daytona and the Patek Nautilus 5711A.