Swiss luxury watch manufacturer Rolex has filed a trademark application, revealing its plans to offer services related to cryptocurrencies and NFTs.
Rolex, one of the world’s leading watch design and manufacturing firms, has recently filed a trademark application with the United States Patent and Trademark Office (USPTO), revealing its desires to launch a series of products related to cryptocurrency exchanges and NFTs.
The British-founded luxury watchmaker filed the trademark application on Oct. 31, licensed trademark attorney Mike Kondoudis revealed Monday.
“Luxury watch manufacturer ROLEX has filed a trademark application claiming plans to:
Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:
⌚️ NFTs + NFT-backed media + NFT marketplaces
⌚️ Crypto keys and transactions
⌚️ Virtual goods auctions
⌚️ Virtual and cryptocurrency exchange + transfer#NFTs #Metaverse #Crypto #Web3 #Perpetual pic.twitter.com/J8C93Qcybj— Mike Kondoudis (@KondoudisLaw) November 7, 2022
- NFTs + NFT-backed media + NFT marketplaces.
- Cryptographic keys and transactions
- Virtual goods auctions
- Exchange + virtual and cryptocurrency transfer.
According to information disclosed by the accomplished USPTO-licensed attorney, Rolex is looking to launch an NFT marketplace and an NFT auction platform along with cryptocurrency exchange services and a digital asset wallet.
The trademark application data shared by Kondoudis reveals that Rolex intends to use the mark in areas involving:
- Downloadable programs and media files of NFTs and digital collections.
- Downloadable programs for use as digital wallets and downloadable cryptographic keys for use in receiving and spending cryptocurrencies.
- An online platform to facilitate an auction service for NFT-based virtual objects and digital collectibles.
- A virtual platform serving as an NFT marketplace for interested parties seeking to buy and sell NFT and digital collectibles.
- Provision of cryptocurrency exchange services, transfer of digital assets between users and cryptocurrency management.
Watch brands and the Web3
This would be one of Rolex’s most direct involvements in the cryptocurrency scene, as the leading watch brand has not embraced the nascent industry as much as other watchmakers, such as Jacob & Co, which unveiled its Bitcoin-themed limited-edition luxury watch in late August.
In addition to Jacon & Co, Swiss luxury watchmaker Tag Heuer has also shown more interest in cryptocurrencies than Rolex.
The luxury watch brand, owned by LVMH, collaborated with cryptocurrency payment processor BitPay to accept cryptocurrency for its luxury watches.
As cryptocurrency adoption sees a surge, Rolex, which has so far remained a spectator on the scene, is looking to jump on the bandwagon, especially with other top-tier competitors getting involved.
This large increase in cryptocurrency-related brand applications highlights the growing interest of major companies in Web3.
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