Luxury timepiece makers Rolex enter the world of web3 with their latest NFT trademark filings. The documents include plans to not only provide digital collectibles, but also digital asset auctioning software. These assets include watches, suggesting the brand may be keen on ‘phygital’ items as well. Learn more about Rolex’s entry into the NFT space below!
What Does Rolex Plan To Do With Their NFT Ideas?
According to trademarks filed in late October 2022, the iconic watchmakers seem to have big ideas for a potential NFT marketplace. In an industry where their products are already considered collectibles, Rolex is drawing digital parallels to offer the same experience in the NFT space.
Major corporations the world over are entering web3 with similar filings. Although, it is interesting to see that Rolex has chosen to go beyond just regular NFT drops or releases. A Rolex NFT marketplace unlocks a huge number of potential collaborations, utility, and ideas. Moreover, the company has also filed trademarks for “downloadable computer software for use as digital wallets.” This suggests that the supposed marketplace could also see a native “Rolex” wallet in use.
Earlier this year, community-driven luxury ownership brand Koia allowed its users to own a Fraction of a prized Rolex. The community could own Fractions of an unworn Rolex GMT-Master II “Pepsi” for $100 onwards. Furthermore, with increased web3 adoption and developments in NFT technology, the line between owning luxury items as NFTs is blurring away. Earlier this year, popular web3 project Azuki launched a “physical backed token” allowing a specialized chip to distinguish a physical item as an NFT on the blockchain – confirming its ownership.
Rolex is considered to be the worlds finest watchmakers. The company uses a variety of precious metals including a specialized steel called “Oystersteel” to manufacture its watches. This special steel allows a Rolex watch to “work perfectly and maintain its beauty even in the harshest environments.”
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Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.