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New Balance eyeing NFT and metaverse markets based on trademark filings
New Balance is preparing to enter the sneaker-based non-fungible tokens (NFTs) market, as evidenced by its filing of three trademark applications in the US.
The filings mentioned ‘downloadable virtual goods’, ‘retail store services featuring virtual merchandise’, and ‘entertainment services.’
The trademarks would help protect New Balance’s intellectual property (IP) in the digital world.
However, New Balance has yet to confirm that it has either filed the trademarks or has a strategy in place.
Sportswear manufacturers can create tradable NFTs and other digital items by using their brand and design expertise to create NFTs.
Other sneaker manufacturers such as Adidas and Nike have already entered the metaverse Sportswear brand
Nike has acquired RTKFT, virtual sneaker, and collectible creator, to aid its NFT efforts, while also launching a digital space in the Roblox online game platform.
Meanwhile, Adidas has partnered with Prada and the Bored Ape Yacht Club in offering NFTs.