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Swiss luxury watchmaker Rolex has filed a trademark application, revealing plans to provide crypto and NFT-related services.
Rolex, one of the leading global watch designing and manufacturing firms, recently filed a trademark application with the United States Patent and Trademark Office (USPTO), revealing its plans to launch a series of product offerings related to cryptocurrency exchange and NFT offerings.
The British-founded luxury watchmaker filed the trademark application with serial number 97655284 on October 31, as disclosed by a U.S. Supreme Court Bar member and licensed trademark attorney Mike Kondoudis on Monday.
“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,” Kondoudis remarked in a tweet.
According to the information disclosed by the accomplished USPTO-licensed attorney, Rolex seeks to launch an NFT marketplace and a platform for NFT auctioning alongside services involving cryptocurrency exchange and a digital asset wallet.
Data from the trademark application shared by Kondoudis reveals that Rolex intends to use the trademark in areas involving:
- Downloadable programs and media files containing NFTs and digital collectibles.
- Downloadable programs to be used as digital wallets and downloadable cryptographic keys for use in receiving and spending cryptocurrencies.
- An online platform to facilitate an auctioning service involving NFT-based virtual objects and digital collectibles.
- A virtual platform serving as an NFT marketplace for interested parties looking to buy and sell NFTs and digital collectibles.
- Providing services involving cryptocurrency exchange, transfer of digital assets amongst users, and management of cryptocurrencies.
This development would be one of Rolex’s most direct involvements with the cryptocurrency scene, as the leading watchmaking brand has not embraced the nascent industry as much as other watchmakers, such as Jacob & Co, which unveiled its limited-edition Bitcoin-themed luxury watch late-August.
Besides Jacon & Co, Switzerland-based luxury watchmaking firm Tag Heuer has also shown more interest in cryptocurrencies than Rolex. The LVMH-owned luxury watchmaking brand, May, collaborated with crypto payment processor BitPay to accept crypto for its luxury watches.
As cryptocurrency adoption sees a surge, Rolex, which has so far remained a spectator in the scene, is looking to jump on the train, especially with other top competitors getting involved.
Besides Rolex, The Crypto Basic has highlighted other top brands’ crypto-focused trademark applications, including Nissan, VISA, and Western Union. This surge of crypto-related trademark applications underscores the growing interest in cryptocurrencies amongst leading firms.