The famous luxury watchmaker Rolex is taking a new step to immerse itself in Web3. By filing several trademark registration applications, the Swiss company reveals some of its ambitions on the subjects of NFTs, cryptocurrencies and the metaverse.
Rolex takes its first steps in Web3
Despite the fall in cryptocurrency prices that began a year ago, businesses in all industries continue to show interest in Web3.
In the watchmaking sector, TAG Heuer has enabled the viewing of non-fungible tokens (NFT) on its connected watches since last June. Today, Rolex wants to catch up by increasing its involvement in the sector.
A document reveals the aspirations of the famous Swiss watchmaker: Rolex filed trademark registration applications about NFTs, cryptocurrencies and the metaverse.
According to this document, Rolex is interested in three specific themes.
Firstly, NFTs are presented as the main technological shift not to be missed. Their uses can be multiple according to Rolex:
- serve as certificates of authenticity for the ” downloadable digital files » ;
- create some ” digital collectibles » ;
- potentially integrate a “ online auction service peer-to-peer, similar to a marketplace like OpenSea.
Then, 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 venue for buyers and sellers of virtual items “. But the Rolex teams don’t stop there: they want to create several activities accessible in the metaverse. We can cite:
- the multitude of items collectible in the form of NFTs, 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 conclude its future Web3 ecosystem, Rolex needs a payment method: the firm has chosen cryptocurrencies for the purchase of its virtual products.
Rolex customers will potentially be able to “ use a digital wallet and download cryptographic keys to send and spend cryptocurrencies… “. Moreover, in parallel, Rolex intends to develop a physical cryptocurrency wallet.
To carry out all its projects, Rolex therefore carries out numerous trademark requests related to technological equipment.
For example, the firm claims to want to develop gloves, helmets and smart glasses, as well as video game consoles. In this way, 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 has not been transmitted.
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Luxury expands its presence in the field of cryptocurrencies
This new positioning of Rolex is in line with the actions undertaken by the major watchmaking firms.
This year, to the delight of Swiss watch enthusiasts, the companies TAG Heuer and Breitling have started at 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 Bitcoin.Available in only 25 copies, the object in black titanium was marketed at nearly 350,000 euros.
Moreover, the consideration of Web3 within luxury companies is not limited to the watchmaking sector.
As the fashion house Gucci launched into the metaverse The Sandboxthe French company Guerlain carried out at the beginning of the year a distribution of NFTs in favor of biodiversity.
In addition, 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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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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