Luxury Watch Brand Rolex Files for Crypto, NFT, and Metaverse Trademarks

Prominent luxury watchmaker Rolex has filed a trademark application with the United States Patent and Trademark Office (USPTO) related to crypto, non-fungible tokens (NFTs), and the metaverse.

The news was first revealed by Mike Kondoudis – a USPTO-licensed trademark and patent attorney – via a tweet on Monday. The application was filed on October 31, 2022.

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

The Trademark

With the approval of the application, the luxury watchmaker plans to introduce a range of services including NFTs, an NFT marketplace, NFT-backed media, a cryptocurrency exchange, crypto keys, and crypto transactions.

The application claims plans for online auction services for virtual goods such as watches, art objects, digital collectibles, and more.

The trademark further claims for virtual currency transfer and marketing through product placement in online games or metaverse.

Rolex Joins Rivals in Embracing Crypto

Founded more than a century ago, Rolex is a British-founded Swiss watch designer and manufacturer based in Geneva, Switzerland. The company is the largest luxury Swiss watch brand and serves customers worldwide.

While this marks Rolex’s first major foray into crypto, several of its competitors have already dived into the asset class in recent times. In May, LVMH-owned watch retailer Tag Heuer started accepting cryptocurrency payments on its U.S. website through a partnership with bitcoin payment processor BitPay.

Jacob & Co, another luxury watchmaker, recently released a limited-edition bitcoin watch after it started accepting crypto payments as early as 2021. In August, Swiss watchmaker Hublot announced that clients can purchase its timepieces using crypto assets including Bitcoin (BTC), Ethereum (ETH), and others.

Major Brands Join Crypto

Meanwhile, aside from watch makers, other top brands have shown significant interest in crypto over the past few months.

In April, Italian fashion brand Off-White started accepting cryptocurrencies such as BTC, ETH, Binance Coin (BNB), Ripple (XRP), Tether (USDT), and USD Coin (USDC) from its customers. A few months ago, the popular fashion brand Balenciaga also started accepting bitcoin and other cryptocurrencies as payment, starting with its stores in New York and Beverly Hills.