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ROLEX JOINS CRYPTO / NFT / METAVERSE – Will It Be A Fad or Success?
Despite years of critics dismissing them as a niche fad, NFTs continue to make headway in the corporate world, being embraced by some of the most notable brands on the planet. One of the newest brands to do this is Rolex, the luxury timepiece maker.
This comes as the brand has applied for trademarks for NFT-related products as per documents filed in late October 2022.
Rolex appears to be the latest luxury brand dipping its toes into the metaverse.
According to data published by the law office of Michael E. Kondoudis, the preeminent Swiss watchmaker filed a crypto-focused trademark application with the United States Patent and Trademark Office (USPTO) on October 31. The application suggests plans to introduce NFTs, NFT-backed media, NFT marketplaces, crypto keys and transactions and virtual goods auctions as well as virtual and cryptocurrency exchange and transfer.
Does this mean digital avatars will be sporting Rolex watches in virtual reality? Perhaps, but based on the application, it’s not entirely clear how Rolex plans to enter the space. It’s very possible the brand could debut a digital collection that would propel Rolex watches into the metaverse in a similar vein as Adidas, which recently teased the launch of an NFT collection that will be featured on its metaverse website.
This year, in particular, there has been an increasing interest in cryptocurrency and the metaverse thanks to a growing number of popular brands entering the space. Crypto trademark filings have surged to record levels, up 32 percent from last year according to USPTO licensed trademark attorney Mike Kondoudis.
Luxury brands including Burberry, Hermes and Gucci are among those entering the Web3 space alongside a number of prominent watch brands. The first watch NFT to go on sale came in March 2021 when Jean-Claude Biver offered the Bigger Bang All Black Tourbillon Chronograph Special Piece along with Swiss company WIseKey as a digital twin image NFT on Open.Sea. Since then, Hublot has continued to expand its presence, launching a campaign featuring the largest venue in the metaverse as well as two NFTs with Japanese NFT artist Takashi Murakami. Franck Muller and Jacob & Co. are among other luxury watchmakers to launch NFT timepieces this year.
Other brands, like TAG Heuer and Breitling, have started dabbling in the space by accepting crypto payments for online purchases. In addition, TAG released a smartwatch that allows you to display NFTs.
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The second Patek Philippe ‘Tiffany Nautilus’ to sell in public has changed hands for CHF 3,174,000 (approximately $3.22M USD) at Christie’s in Geneva.
While the first 5711/1A-018 was offered for sale by Tiffany & Co at Phillips New York in December 2021, the fact that it was the first watch in the 170-piece limited edition run and that all proceeds were going to charity saw the final price paid inflated to $6.2M USD by a bidding war.
As such, collectors were waiting for further examples to hit the resell market to give a more realistic indication of the edition’s true value.
The Patek Philippe Ref. 5711/1A-018 – with its co-signed, Tiffany blue dial – was created to mark the 170th Anniversary of Patek Philippe watches being sold through Tiffany & Co, with 170 pieces being sold for $52,635 USD.
With the reference being limited but not individually numbered, the example that sold at the weekend is physically indistinguishable from the first $6.2M USD watch.
Elsewhere in watches, De Bethune offers world-first real world fine adjustment service. Scarcity of Patek Philippe Nautilus 5811 will cause headaches for authorised dealers says brand president Thierry Stern #rolex #metaverse #nft
