French luxury brand, Hermès International S.A has shown interest in the NFT, metaverse and cryptocurrency industries following a trademark application. According to filings, the application covers NFTs, cryptocurrencies and Metaverse as popular brands across different industries continue to expand their scope into these areas.
Hermès is the latest luxury brand to embrace the trend. Data from Dune Analytics for June reveal that leading brands like Nike, Gucci, Dolce & Gabbana and others have sold up to $260 million worth of NFTs. The trademark will traverse downloadable software to view, store and manage virtual goods, digital collectibles, cryptocurrencies and NFTs “for use in online worlds.”
In addition, Hermès reportedly applied for trademarks such as “retail store services featuring virtual goods.” Others include fashion and trade shows in “online virtual, augmented or mixed reality environments” and “providing an online marketplace for buyers and sellers of virtual goods.”
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Brands like Tiffany and Co have sold NFTs for outrageous prices. Last month, the luxury brand launched its NFTiff collection — 250 digital passes giving access to NFTs pendants sporting CryptoPunk NFTs. Each NFT pendant sold for 30 Ether, $46,317, based on Ethereum’s current price. NFTiff buyers can redeem their passes for bespoke CryptoPunks pendants and a matching NFT art piece.
NFTs and the IP rights attached to them have become inspired debates globally. To protect the IP rights on its brand and products, Hermès filed a lawsuit against Metabirkins, founder, Mason Rothschild for allegedly using its brand name, Birkin, to create an NFT collection— Metabirkins. According to a 47-page legal report, Rothschild prefixed the Birkin brand with “Meta,” thereby misrepresenting that the collection was a creation of Hermès.
The latest trademark application from the luxury brand is believed to be a move to protect the IP rights on the Metaverse, crypto and NFT-related products and tokens.
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