• Hermès enters the metaverse with a crypto and NFT trademark filing

  • The introduction of non-fungible tokens (NFTs) and metaverse concepts has provided an opportunity for multinational businesses to experiment with new ways of communicating with customers. Hermès, a luxury brand, is preparing to join the space through trademark registrations.

    Hermès, in particular, sought to grow into NFTs and virtual currency, crypto and NFT trading, virtual goods markets, clothes, footwear, and fashion shows.

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

    In addition, if the trademark filings are accepted, Hermès will offer downloaded computer gaming software with virtual products and user authentication services using e-commerce technology, among other things.

    Luxury brands expressing crypto space

    Despite the current market turmoil, leading luxury watch and fashion brands have shown rising interest in the realm of cryptocurrencies.

    Notably, luxury businesses are interested in crypto since certain of their products are perceived as better investments than traditional assets. For example, in September 2020, it was revealed that the Hermès Birkin bag has outperformed both the S&P 500 and the price of gold since its debut in 1981.

    Furthermore, the number of general NFT trademarks has increased as more brands continue to bet on the industry. The number of NFT-related trademarks registered in the United States between January 1 and May 31, 2022, reached 4,049. During the reviewed period, 27 new NFT trademarks were filed on average every day.

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