Luxury Brand Hermès Discloses Its Plans For Crypto, Metaverse, And NFTs

Hermès, a luxury brand, is doing the groundwork to enter the world of Web3 following submitting a trademark filing encompassing non-fungible tokens (NFTs), Metaverse, as well as cryptocurrencies. As per the filing of 26th August submitted with the United States Patent and Trademark Office (USPTO), the trademark deals with the downloadable software to store, view, and organize virtual products, cryptocurrencies, NFTs, and digital collectibles to be used online.

Hermès Expresses Intention to Enter NFTs, Crypto, and Metaverse Zones

It additionally submitted trademarks representing the retail store facilities containing virtual goods along with trade and fashion shows in online augmented, mixed, or virtual reality atmospheres, and for the provision of an online marketplace that would serve virtual products to the sellers and the purchasers.

The latest trademark filing is witnessed months after the submission of a legal case confronting Mason Rothschild (the founder of Metabirkins) in January. The accusation of the lawsuit was that the defendant supposedly utilized the name of the brand Birkin to earn profits over the sales as well as the resales of the NFT collection thereof named Metabirkins.

In a legal complaint of up to 47 pages against Rothschild, Hermès accused that Hermès’ popular Birkin trademark has simply been stolen with just the addition of the ‘meta’ prefix. In this way, they claimed, confusion was created by the latterly coming brand ‘MetaBirkins’ as people thought it to be a brand working under the umbrella of the Birkin brand of Hermès.

The legal suit confronting Rothschild could be considered to be among the causes why the firm has moved forward to submit its protections to cover crypto, NFTs, and Metaverse-related tokens and goods. In addition to this, the respective luxury project does not appear to be initial or the final within the world of Metaverse. Formerly this year, a digital fashion occasion was organized by Decentraland under the title “Metaverse Fashion Week”.

NFT and Metaverse Sectors Still Popular among the Common Masses

The event contained apparel taking into account the luxury brands such as Elie Saab, Estée Lauder, Tommy Hilfiger, Etro, and Dolce & Gabbana. The virtual display of luxury products by these brands signifies that the manufacturers as well as the consumers are swarming the metaverse world while pursuing new opportunities.

In the previous month, Dune Analytics released data showing that well-known brands like Tiffany & Co., Adidas, Dolce & Gabbana, Gucci, and Nike had earned an accumulative amount of approximately $260M via selling the collections of their NFTs.

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