olex has submitted a trademark application for NFTs and relevant digital assets or their transfers, according to well-known licensed trademark attorney Mike Kondoudis, who shared the news on Twitter. It asserts the Swiss watchmaker's strategies for NFTs, NFT-backed media, marketplaces, digital products auctions, crypto keys, virtual asset exchange, and transfer.

Will your digital avatar wear a Rolex watch?

The trademark application alludes to virtual auction services for watches and parts. Advertising through sponsored content in online games or virtual worlds is also mentioned.

The community speculates whether Rolex is joining the metaverse due to this. The owners have asked for an NFT airdrop just for them. Some community members, however, believe that this is simply Rolex safeguarding themselves from potential violations on metaverse or NFT projects.

Brands will focus on NFTs and the virtual world despite the crypto winters in 2022. For cryptocurrency and NFT assets, 2022 has been a bearish year. Bitcoin has dropped by more than 50% since January 2022. However, this has not deterred brands from developing in the NFT and metaverse space.

According to Mike Kondoudis, 4708 US trademarks for digital/cryptocurrencies + related goods/services have been filed. Simultaneously, 4997 US trademark applications for metaverse and digital goods/services have been submitted. 6855 US trademark applications for NFTs and related goods/services were filed in 2022. It is more than three times higher than the total for 2021. Only 2142 applications were filed by the brands last year. In just the first three months of 2022, the figure was surpassed.

Lately, Nissan filed trademark applications for legendary car models such as the GTR, SKYLINE, and Z, asserting plans for NFTs and related services. Last month, the well-known Kraft Food Group and In-N-Out Burger both filed trademark applications for NFTs and related services. 

What do you think of Rolex’s decision to file a trademark for NFTs? Do you believe other luxury brands will follow Rolex’s lead? Let us know your thoughts by sharing this article online.

Nov 7, 2022
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