Rolex enters metaverse with encryption and NFT

The cryptocurrency industry is growing in value and popularity, pushing brands like Rolex to embrace the dictates of blockchain technology.

In fact, it was reported in early November that Rolex filed trademark applications for cryptocurrencies, metaverses and non-fungible tokens (NFTs) with the US Patent and Trademark Office (USPTO).

According to the documents, the patents cover various applications: blockchain software, digital wallets, online spaces for buyers and sellers of virtual watches, virtual showcases and more.

Rolex is not the first manufacturer in the industry to recognize the importance of cryptocurrencies and implement blockchain technology in products and strategies.

In mid-May, for example, Swiss watchmaker TAG Heuer announced that he will accept payments in Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) for online purchases on his US e-commerce site. Two months later, Breitling did the same.

rolex nft
The luxury watch market embraces new customer habits

At the same time, TAG Heuer updated its smartwatch with a feature that allows the user to view their NFTs on the device screen, while another manufacturer like Hublot has launched 200 limited edition watches, available for online purchase through cryptocurrencies.

It is also worth noting that, even with the collapse of the cryptocurrency market in recent months, major manufacturers have continued to accept digital currency as a payment method. However, the cryptocurrency crash had interesting consequences on the market for second-hand luxury watches, which led to an increase in the offer of prestigious watches such as the Rolex Daytona and the Patek Nautilus.