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Metaverse

Luxury brand Hermès ventures into the metaverse with crypto and NFT trademark filing

The emergence of non-fungible tokens (NFTs) and metaverse concepts has ushered in an opportunity for global brands to explore different means of connecting with customers. In this line, luxury brand Hermès is preparing to enter the space through trademark filings.

In particular, Hermès filed a trademark for its name, seeking to expand into NFTs and virtual currency, crypto, and NFT trading, virtual goods marketplaces, clothing, footwear, and fashion shows.

The filing with the United States Patent and Trademark Office (USPTO) on August 26 was revealed by licensed trademark attorney Michael Kondoudis in a tweet on August 31.

Furthermore, if the trademark filings are approved, Hermès will also offer downloadable computer game software featuring virtual goods and user authentication services using e-commerce technology, among others.

Luxury brands expressing crypto space

It is worth mentioning that global luxury watch and fashion brands have increasingly expressed interest in the world of cryptocurrencies despite the depressed markets.

For instance, Jacob & Co revealed it would showcase the all-new Astronomia Solar Bitcoin limited edition at the World premiere at ‘The Geneva Watch Days’ by appointment only. The Bitcoin-themed watch marks the first high-complication timepiece inspired by cryptocurrencies.

Notably, the interest of luxury brands in crypto is considered significant since some of their products are viewed as better investments compared to traditional assets. For example, in September 2020, it emerged that the Hermès Birkin bag outpaced both the S&P 500 and the price of gold since its first year of production in 1981.

Furthermore, the general NFT trademarks have surged as more brands continue betting on the sector. As per a Finbold report, NFT-related trademarks in the United States between January 1 to May 31, 2022, hit 4,049. In this case, on average, 27 new NFT trademarks were filed per day over the reviewed period.

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