The trademark application for NFTs and their markets, and crypto exchange was submitted by the designer brand Rolex.
A notable trademark lawyer, Mike Kondoudis tweeted that Rolex has submitted a trademark application for crypto exchange and non-fungible tokens (NFTs). Proposals for NFTs, media supported by NFTs, cryptographic keys, NFT marketplaces, digital goods auctions, digital asset transfer and exchange are allegedly included.
The filing of the trademark makes reference to services related to virtual auctions for watch parts and watches. Additionally, it addresses product placement marketing in video gaming and other virtual settings.
As such, the participants of the market made many predictions regarding the possibility that Rolex will join the metaverse, hopping on the train of many giants in the industry making the same move. Owners of Rolex watches are asking for a unique airdrop of NFTs.
Some members of the community, though, think that Rolex is merely defending itself against possible violations of NFT or metaverse activities. Brands are concentrating on NFTs and the online environment in 2022 irrespective of the mayhem that has descended upon the industry.
2022 has been a depressing year for cryptocurrencies and NFT assets. From January of this year, the price of the flagship cryptocurrency Bitcoin (BTC) has decreased by over 50% since the ATH reached this time last year. Brands have nevertheless continued to grow in the NFT and metaverse market in notwithstanding the current market conditions.
46708 United States trademarks have been filed, as per Mike Kondoudis, for products or services relating to cryptocurrency and other digital assets. For digital and metaverse products and services, 4997 US trademark filings have been submitted concurrently.
Additionally , 6855 US trademark filings for NFTs and associated products/services have been submitted in 2022. The estimate for 2021 has been more than tripled. The brands had submitted 2142 applications in 2021 alone. From January to March 2022, the amount was exceeded.