finbold.com
The cryptocurrency industry is expanding, and its assets are becoming increasingly popular, leading some well-known high-end brands, including luxury watchmaker Rolex, to jump on the crypto bandwagon themselves.
Indeed, Rolex has filed trademark applications related to cryptocurrencies, metaverse, and non-fungible tokens (NFTs), according to the data published by trademark and patent attorney Michael Kondoudis (The Law Office of Michael E. Kondoudis) on November 7.
Specifically, the luxury watchmaker’s trademark application suggests plans to introduce NFTs, NFT-backed media, NFT marketplaces, crypto keys and transactions, virtual goods auctions, as well as virtual and cryptocurrency exchange.
According to the documents, the trademark was filed with the United States Patent and Trademark Office (USPTO) on October 31 and covers “downloadable software for blockchain technology,” digital wallets, “online spaces for buyers and sellers of virtual products such as watches and watch parts,” virtual environment product placements, and more.
Luxury watchmakers’ interest in crypto
Meanwhile, Rolex is another in the long line of famous watch brands that have recognized the appeal of the crypto sector and implemented cryptocurrencies and blockchain technology into their products and operations.
Back in mid-May, Swiss watchmaker TAG Heuer announced it was accepting crypto payments, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) for online purchases on its United States website, in partnership with crypto payment provider BitPay.
Two months later, it was joined by Breitling, which also partnered with BitPay to allow customers to purchase its wristwatches and straps using major digital assets, as well as stablecoins, including Binance USD (BUSD), Dai (DAI), Gemini Dollar (GUSD), USDP, and USD Coin (USDC).
At the same time, TAG Heuer launched a smartwatch feature that turns its Connected Calibre E4 product into an NFT viewer for customers to showcase their digital asset collection with verified proof of ownership, while Hublot launched 200 limited-edition luxury watches available for online purchase using chosen crypto.
In late August, timepiece maker Jacob & Co revealed an all-new limited-edition Bitcoin-themed deluxe watch, the first high-complication watch dedicated to and inspired by the crypto space, as Finbold reported.
Finally, it is also worth noting that the recent months-long market crash didn’t turn away high-end watchmakers from crypto, as TAG Heuer and Hublot continued accepting crypto cryptocurrency as a payment method throughout the difficult period.
However, the crypto crash had some interesting consequences on the second-hand luxury watch market, which led to an increased supply of prestigious timepieces like the Rolex Daytona and Patek Nautilus 5711A.