The emergence of the metaverse and NFTs have opened new opportunities for brands. The famous luxury company, Hermès has joined the trend with its latest trademark filings.
Hermès Files Trademark For NFTs, Crypto, And Other Products
Recently, more brands have been exploring the potential of the metaverse, NFTs, and crypto. They believe these new technologies provide a better way for brands to connect with their fans.
The French company, Hermès recently filed a trademark application for its name. The luxury brand wants to expand its reach into crypto, NFTs, NFT trading, crypto, virtual currency, digital goods marketplaces, footwear, fashion shows, and clothing.
On August 31st, Michael Kondoudis, a trademark attorney, revealed that Hermès filed an application with USPTO (the United States Patent and Trademark Office) on August 26th.
Further, once the USPTO approves Hermès’ trademark application, the luxury brand will also provide computer gaming software. In addition, it will offer virtual goods and authentication services through e-commerce technology.
Despite the weak markets, many international designer watch and clothing brands have shown an increased interest in the realm of cryptocurrency.
For example, Jacob & Co said that the brand-new Astronomia Solar BTC limited edition will be on display by invitation only during the grand opening of “The Geneva Watch Days.” The BTC-themed watch is the first highly complex wristwatch motivated by cryptocurrency.
Fashion Brands Enter Into The Crypto Sector
Furthermore, the interest of fashion brands in the crypto sector shows they view crypto as better investment products other than conventional assets. In September 2020, the Hermès Birkin bad outperformed both gold and the S&P 500 in terms of price.
On April 20th, Hermes stated that it was thinking of using the metaverse for communications. According to Axel Dumas, the company’s executive chairman is interested and excited about the metaverse.
Other fashion companies that have ventured into the metaverse and NFT space include Tommy Hilfiger, Adidas, Marc Jacobs, Louis Vuitton, Champion, and Under Armour. They have all submitted similar trademark filings.
Meanwhile, the filing of NFT trademarks has increased in the past months. According to Finbold, NFT trademarks in the US were about 4,049 between January 1st to May 31st.
Based on these statistics, brands have filed an average of 27 NFT trademarks daily during this period. Meanwhile, the volume of NFT sales has dropped drastically in 2022.
It appears the hype surrounding NFTs has started to die down. However, this has not stopped more companies from expanding into the NFT space.