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Rolex SA, the luxury watch designer and manufacturer, based in Geneva, Switzerland, revealed its plans to enter the Metaverse, non-fungible token (NFT), and cryptocurrency business. This came to light after it filed for trademarks related to the said sectors.
As per NFT Evening, in its trademark application filing, Rolex indicated its plans to offer digital collectibles, digital asset auctioning software, and more. The virtual assets mentioned in the document include watches which clearly suggests it may also be venturing into “phygital” items - the marketing term for combining digital and physical experiences.
The trademarks were filed last month but were only revealed this month. Sources said that it was evident in the trademark application that was submitted to the United States Patent and Trademark Office (USPTO) that Rolex has big plans and ideas for an NFT marketplace that it may possibly launch.
The watchmaker is the latest major brand that has filed for trademarks related to crypto, Metaverse, and NFTs. However, Rolex is doing more as its applications go beyond the usual NFT releases and occasional drops.
There is also an indication that the company may also be setting up its own digital wallet. On its NFT marketplace, Rolex mentioned collaborations, ideas, some utility, and more. It may also offer downloadables such as computer software for digital wallets.
In any case, it was Mike Kondoudis, a known USPTO licensed trademark lawyer, who shared the news about Rolex’s trademark filings last week. He said the watch brand is seeking exclusive ownership and rights to virtual auction items like artworks, collectibles, watches, and others.
Finally, Koundoudis further stated that Rolex’s trademark applications are related to its business plans in this line of business such as NFT-backed media; NFT marketplace; crypto keys and transactions; crypto exchange and transfer, and virtual goods. The Crypto Times reported that there are also trademarks for marketing through product placements in the Metaverse and online game titles.
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