Renowned luxury watchmaker Rolex takes a new step to dive into the Web3. By submitting several trademark registration applications, the Swiss company unveils some of its NFT, cryptocurrency and metaverse ambitions.
Rolex takes its first steps in the Web3
Despite the drop in cryptocurrency prices that started a year ago, companies across all industries continue to show interest in Web3.
In the watch industry, TAG Heuer has allowed the display of non-fungible tokens (NFTs) on its connected watches since last June. Today, Rolex wants to catch up by increasing its involvement in the industry.
A document reveals the aspirations of the famous Swiss watchmaker: Rolex archived trademark registration applications on NFT, cryptocurrencies and metaverse.
According to this document, Rolex is interested in three specific themes.
In the first place, NFTs are presented as the major technological change not to be missed. Their uses can be multiple according to Rolex:
- act as certificates of authenticity for the ” downloadable digital files “;
- make some digital collectibles “;
- potentially integrate a ” online auction service peer-to-peer, similar to a market like OpenSea.
So, to increase the popularity of its future NFTs, Rolex must create an entire ecosystem to view and use these virtual assets.
This is what the Swiss company intends to do in ” providing an online place for buyers and sellers of virtual items “But the Rolex teams don’t stop there: they want to create different activities accessible in the metaverse. We can mention:
- the multitude of collectibles in the form of NFT, ranging from watches to jewelry, through clothing, mirrors, photographs, avatars, etc. ;
- ” recreational activities »Such as online games and competitions;
- professional activities such as seminars, conferences, conventions and forums “.
To wrap up its future Web3 ecosystem, Rolex needs a payment method: the company has chosen cryptocurrencies for the purchase of its virtual products.
Rolex customers will potentially ” use a digital wallet and download cryptographic keys to send and spend cryptocurrencies … “. Furthermore, in parallel, Rolex intends to develop a physical cryptocurrency wallet.
To carry out all its projects, Rolex therefore carries out numerous trademark requests relating to technological equipment.
For example, the company says it wants to develop gloves, helmets and smart glassesas well as video game consoles. So, Rolex will have total control of its products, from production to marketing.
However, we do not know if the solutions offered by Rolex will be decentralized. In other words, no information on the degree of control that the company will have on these NFTs was not passed on.
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Luxury expands its presence in the field of cryptocurrencies
This new positioning of Rolex is in line with the actions taken by large watchmaking companies.
This year, to the delight of Swiss watch enthusiasts, the companies TAG Heuer and Breitling were started to accept cryptocurrencies as a means of payment.
For its part, the American watchmaker Jacob and Co caused a sensation last September. The company has marketed a watch dedicated to BitcoinAvailable in just 25 pieces, the black titanium object was sold for almost 350,000 euros.
Furthermore, the consideration of Web3 within luxury companies is not limited to the watch industry.
How the fashion house Gucci has launched into the metaverse The sandboxthe French company Guerlain made at the beginning of the year a distribution of NFT in favor of biodiversity.
Furthermore, luxury companies are one step ahead of other sectors. By positioning themselves in Web3, brands gain momentum in the media space of these new virtual environments.
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Source: US Patent and Trademark Office
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