Hermès, one of the most renowned luxury brands globally, is all set to walk into the Web3 ecosystem with a trademark application covering Non-fungible Tokens (NFTs), the Metaverse, and crypto assets.
The trademark filing of Hermès was submitted to the United States Patent and Trademark Office (USPTO). The trademark covers software to download, store and manage cryptocurrencies and NFTs to use them in the digital world.
The company also submitted a trademark on the retail companies selling online virtual goods and fashion shows conducted on virtual platforms. The company's trademark also offered an online market sphere to connect the buyers and sellers of virtual goods.
Hermès' trademark application followed the previous lawsuit filed by the company against Mason Rothschild, the founder of Metabirkins. The lawsuit alleged that Mason Rothschild was inappropriately using the brand's name to sell and resale NFTs for his Metabirkins collection.
The 47-page lawsuit filed against Mason Rothschild had several key pointers. Hermès alleged the founder of Metabirkins falsely used the former's Birkin's bag trademark by simply adding a prefix to it. Secondly, Hermès also anticipated that people might confuse the two brands considering Metabirkins an extension of the same luxury brand as theirs.
Following the lawsuit against Mason Rothschild, it is evident why the company took towards filing a trademark application that would protect its digital currencies and tokens and cover the Metaverse. However, Hermès is not the first or last company moving towards this, indicating a rise in moves in the Metaverse amongst several companies.
The opening of 2022 marked Decentraland's Metaverse Fashion Week, a four-day virtual fashion show. The event saw several luxury brands like Dolce and Gabbana, Tommy Hilfiger, Estee Lauder, etc., walking the fashion event. Additionally, reports from Dune Analytics suggest companies like Gucci, Dolce, and Gabbana, etc., amassing $260 million from NFTs.