As Rolex Becomes The Latest Luxury Watchmaker To Embrace The Metaverse, Timekeeping Is Receiving A Futuristic Upgrade.
The luxury watchmaker Rolex is among the most recent to ride the wave, garnering headlines when it recently submitted trademark applications in the realms of cryptocurrency, the metaverse, and even NFTs.
In recent years, cryptocurrencies such as Bitcoin have permeated nearly every aspect of our lives, and the digital assets, once derided as little more than a passing craze, have rapidly become one of the most popular options for novice investors and seasoned traders alike.
With the advent of a plethora of new platforms like Bitsoft 360 making it easier than ever for the average Joe to sign up and make their first trade, it’s perhaps not surprising that a growing number of millennials and Gen Z-ers have been jumping on board with the trend; however, most are not in it for the short-term gain.
As the number of crypto wallet holders rises, the luxury world has adapted quickly to meet demand among its high-net-worth customers. Gucci and Philipp Plein allow shoppers to exchange cryptocurrencies for their goods. Some of the world’s top luxury brands are embracing the metaverse to offer something new, intriguing, and unique and to keep a demanding consumer base interested.
Rolex has submitted trademark applications for bitcoin, the metaverse, and NFTs. Non-fungible tokens have become the latest must-have asset as 2022 has progressed. These one-of-a-kind digital artworks have been leveraged across the fashion world to offer customers a unique digital accessory.
The watchmaker’s trademark filing suggests that Rolex intends to introduce its own collection of unique NFTs in the near future, which might spread into other NFT marketplaces by 2023. It is an exciting time for the luxury brand, and fans may soon have the chance to participate in exclusive virtual auctions or trade on a Rolex-owned cryptocurrency exchange.
This brand has been around for a long time and is one of the few luxury brands that has stood the test of time. It is still admired for its commitment to quality, expert craftsmanship, and overall opulence, but this latest move makes it seem like it wants to break away from tradition and move fully into the modern age. But of course, this doesn’t mean it’s going to throw out its history and the things that make it what it is. Instead, we can expect Rolex to show how the two can work together.
Reports say that the first trademark application, which was filed in the United States last month, will cover digital wallets and software that runs on blockchain technology, which is at the heart of cryptocurrencies. However, the details are still being kept secret. Still, Rolex has never been one to do things halfway, and it looks like we can expect some exciting changes from the brand soon.
Rolex isn’t the first luxury watchmaker to try its hand at cryptocurrency. TAG Heuer and Breitling have already stirred up a lot of attention with their own projects. This year, both companies started accepting a wide range of cryptocurrencies as payment for their high-end watches. This was made possible by partnerships with well-known digital payment provider BitPay. From Ethereum to Binance, the list of digital payment options is long.
TAG Heuer, on the other hand, has improved its top-of-the-line smartwatch by adding an exciting new feature that lets users see NFTs directly on the screen. This move is sure to appeal to a younger generation of tech-savvy luxury lovers as well as high-flying investors from all over the world. It has also set a high bar for other high-end watchmakers, who must quickly adapt and change to keep up.
Multiple luxury watch brands have released unique, limited edition crypto-themed watch collections, which, predictably, sold out in record time — proving that wealthy consumers and luxury lovers are eager to enter the digital realm.
The volatility of the crypto market in 2018 does not appear to have deterred traders, investors, or companies from moving forward with connected projects in the new year, and 2023 is expected to provide the most exciting advances to yet.
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