Dune Analytics’ data last month revealed that leading brands including Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany & Co. had accumulated $260 million in NFT sales.
Hermès, a luxury brand, is establishing the groundwork for entering Web3 by filing an application for nonfungible tokens (NFTs), cryptos, and the Metaverse.
On Aug. 26, the United States Patent and Trademark Office (USPTO) filed a declaration to establish a virtual goods, digital collectibles, cryptocurrencies, and non-fungible tokens (NFTs) digital collectibles viewing, storing, and managing downloadable software for online worlds.
In addition to “retail store services featuring virtual goods,” it also filed trademarks for fashion and trade shows occurring in virtual, augmented, or mixed reality environments and for an online marketplace where buyers and sellers of virtual goods can connect.
According to a recent trademark application made by luxury brand Hermès, the firm intends to sell their products on▶️NFTs + Virtual currency▶️Crypto + NFT trading▶️Virtual good marketplaces▶️Virtual clothing, footwear, and fashion shows… and more. This is just one of the many applications that the firm has filed in an attempt to expand their brand into the NFT market.
In January, the brand filed a lawsuit against Metabirkins founder Mason Rothschild for allegedly using the Birkin name to make money from sales and resales for his NFT Metabirkins collection. This new trademark application has come months later.
According to the 47-page legal complaint against Rothschild, Hermès accused the MetaBirkins brand of ripping off the Birkin bag trademark by adding the generic prefix ‘meta’ to it, thereby creating the impression that MetaBirkins was a part of the prestigious Hermès Birkin brand.
According to new research, Metaverse is a key factor in the long-term success of NFTs.
Metaverse, crypto, and NFT-related products and tokens may be protected thanks to the company’s recent filing of its own protections.
Luxury brands aren’t the first to venture into the Metaverse, nor will they be the last.
A month ago, Dune Analytics data revealed that leading brands such as Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany & Co. generated $260 million in NFTs sales.
In early 2018, Metaverse Fashion Week, a four-day virtual fashion event featuring wearables on digital runways, was attended by high-end fashion businesses including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder, and Elie Saab, among others.