Over recent years, cryptocurrencies like Bitcoin have infiltrated just about every area of our lives, and the digital assets, once dismissed as little more than a passing fad, have fast become one of the most popular choices amongst both amateur investors and seasoned traders.
With the advent of a host of new platforms like Bitsoft 360 making it easier than ever for your average Joe on the street to sign up and make their first trade, it’s perhaps unsurprising that a growing number of millennials and Gen Z-ers have been jumping on board with the trend – but far from being considered a means of making some quick cash, most are in it for the long-haul.
As the number of those holding crypto wallets continues to surge, the luxury world has adapted quickly to meet demand amongst its high-net-worth customer base, with the likes of Gucci and Philipp Plein making it possible for shoppers to exchange various types of cryptocurrencies for their goods. But increasingly, we’re seeing some of the biggest names in luxury across the globe seeking to surge ahead of the competition and embrace the metaverse wholeheartedly, in a bid to offer something new, exciting and innovative and ultimately, to keep a demanding customer base engaged.
Luxury watchmaker Rolex is one of the latest to ride the wave, making headlines when it recently filed trademark applications in the realm of cryptocurrency, the metaverse and even NFTs. Non-fungible tokens have become the latest must-have asset as 2022 has progressed, and these one-of-a-kind digital artworks have been leveraged across the fashion world to offer customers the chance to own a unique digital accessory – so it’s perhaps unsurprising that Rolex is now making steps towards entering the space.
The watchmaker’s trademark application indicates that Rolex has designs on introducing its own collection of one-off NFTs in the near future, which could extend into various NFT marketplaces as we head into 2023. It’s an exciting time for the luxury brand, and fans could be about to be given the opportunity to take part in exclusive virtual auctions or trade on a unique Rolex-owned cryptocurrency exchange.
This age-old brand is one of the few luxury marks to have stood the test of time, and continues to be admired for its dedication to quality, expert craftsmanship and all-round opulence – but this latest move would suggest that it is keen to break free of the shackles of tradition and move well and truly into the modern age. But of course, this doesn’t mean it’s about to dismiss all of the heritage and the characteristics that have made it what it is, and we can expect to see Rolex showcase how possible it is to balance the two.
According to reports, the initial trademark application, which was filed in the USA just last month, will cover digital wallets and software that runs on the blockchain technology that underpins cryptocurrencies, but the finer details continue to be kept under tight wraps. Nevertheless, Rolex has never been one to do things by halves, and it seems we can expect some exciting developments from the brand sooner, rather than later.
Rolex isn’t the first luxury watchmaker to have dipped its toe into the crypto space, with the likes of TAG Heuer and Breitling having already caused a stir with their own initiatives of late. Both have, this year, begun to accept a host of different cryptocurrencies as a means of payments for its lavish timepieces , thanks to partnerships with esteemed digital payment provider BitPay, and from Ethereum to Binance, the list of digital payment options is impressive.
TAG Heuer, though, has gone one better still, upgrading its top level smartwatch with an exciting new feature that allows users to view NFTs directly via its screen. It’s a move that’s certain to appeal to a younger generation of tech-savvy luxury lovers, as well as high-flying investors from across the globe, and has set the bar high for other high-end watchmakers – who must adapt and evolve quickly in order to keep up.
To date, we’ve seen more than one luxury watch brand serve up unique, limited edition crypto-themed collections of watches, which unsurprisingly, sold out in record time – so it’s clear that the appetite for a move into the digital world is alive and well amongst affluent shoppers and luxury enthusiasts alike.
Despite the volatility of the crypto market this year, it doesn’t seem to have put traders, investors or brands off pushing ahead with related projects in the new year, and 2023 is set to bring with it some of the most exciting developments yet.
