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Rolex Unveils Plans for Crypto and NFTs in Latest Trademark Application

Cointime Staff· 2 min read

Luxury watchmaker Rolex has mentioned plans for NFT-related marketplace, crypto transactions and crypto management service in its latest trademark application.

The metaverse and cryptocurrency space continue to attract mainstream brands despite the hiccup of price crashes in recent months. Joining the bandwagon is Rolex, an iconic luxury wristwatch manufacturing brand, which has filed for trademarks relating to cryptocurrency, metaverse, and nonfungible tokens (NFTs).

Rolex Joins Crypto Bandwagon With New Trademark Applications

Rolex’s crypto trademark application was filed on October 31st but became widely known after Michael Kondoudis, a trademark and patent attorney, shared the record via Twitter on Monday. In the application, the wristwatch maker stated plans for virtual goods, NFT-related media and marketplaces.

Additionally, the application covered the company’s plans for cryptographic keys for processing crypto transactions. It also mentioned plans for digital currency management services, including “financial and cryptocurrency transactions with the help of NFTs (non-fungible tokens) and blockchain technologies.”

This is Rolex’s first-ever dip into the crypto industry. However, crypto and NFTs are no strangers to the luxury wristwatch market. In August, another luxury brand, Jacob & Co, launched a Bitcoin-themed limited edition watch dedicated to cryptocurrency.

In June, TAG Heuer unveiled a smartwatch allowing users to showcase their NFT collections.

Crypto-Related Trademark Applications Soar in 2022

In separate tweets, the patent attorney Kondoudis reported that the number of trademark applications for cryptocurrency, NFTs, and metaverse filed in the United States has risen to record levels compared to 2021 stats.

Within the past ten months in 2022, a total of 4,708 trademark applications were filed in the United States, more than the 3,547 recorded in 2021. NFTs and metaverse applications have respectively reached 6,855 and 4,997. March had the most trademark applications, but the number dropped in the subsequent months as the crypto prices started falling.

( By Ibiam Wayas)

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