Luxury brand Hermès enters the metaverse with crypto branding and NFT

The rise of non-fungible tokens (NFTs) and metaverse concepts has allowed global brands to explore different ways of communicating with customers. In this line, the luxury brand Hermès is preparing to enter the space with brand applications.

In particular, Hermès has registered its name as a trademark, aiming to expand into NFTs, virtual currency, cryptocurrency trading, NFT, virtual goods markets, apparel, shoes and fashion shows.

An August 26 filing with the United States Patent and Trademark Office (USPTO) was disclosed by licensed trademark attorney Michael Kondodis in tweet On August 31.

If approved for trademark applications, Hermès will also offer downloadable computer game software with virtual goods and user authentication services using e-commerce technology, among other things.

Luxury brands that express the crypto space

It is worth noting that global luxury watch and fashion brands have shown a growing interest in the cryptocurrency world despite the down market.

For example, Jacob & Co. revealed that it will display the limited edition of the new Astronomia Solar Bitcoin at its world premiere at “The Geneva Watch Days” by appointment only. The Bitcoin-themed watch represents the first high-complexity watch inspired by cryptocurrencies.

In particular, interest in luxury cryptocurrency brands is high as some of their products are seen as better investments compared to traditional assets. For example, in September 2020, the Hermès Birkin bag was found to have outperformed both the S&P 500 and the gold price since its first year of manufacture in 1981.

In addition, generic NFT brands have increased as more brands continue to invest in the sector. According to a Coinphony report, there were 4,049 NFT-related brands in the US between January 1 and May 31, 2022. In this case, 27 new NFT brands registered daily during the period under review.

Luxury brand Hermès appeared after betting on the metaverse with crypto and trademark NFT registration for the first time on Coinphony.

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