September 5, 2022
By Murtuza Merchant
Global companies now have the chance to investigate various methods of communicating with customers thanks to the rise of non-fungible tokens (NFTs) and metaverse concepts.
Hermès, a luxury brand, is getting ready to enter this market by filing trademark applications.
Hermès submitted a trademark application just for its name in an effort to diversify into NFTs, virtual currency, crypto, and NFT trading, virtual goods markets, apparel, footwear, and fashion shows.
Michael Kondoudis, a certified trademark attorney, reported the August 26 petition with the United States Patent and Trademark Office (USPTO) in a tweet on August 31.
In addition, Hermès will provide downloadable video game software with virtual products and user authentication services utilizing e-commerce technology, among other things, provided the trademark application is authorized.
Luxury companies embrace the crypto realm
Despite the weak markets, many international luxury watch and clothing manufacturers have shown an increased interest in the realm of cryptocurrency.
For instance, Jacob & Co said that the brand-new Astronomia Solar Bitcoin limited edition will be on display by appointment only during the world premiere of “The Geneva Watch Days.”
The first high-complication wristwatch influenced by cryptocurrency is the Bitcoin-themed watch.
Notably, luxury companies’ involvement in cryptocurrencies is seen as noteworthy since some of their items are thought to be better investments than conventional assets.
For instance, it was discovered in September 2020 that from the Hermès Birkin bag’s debut year of manufacture in 1981, it had outperformed both the S&P 500 and the price of gold.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.