Hermes, the luxury fashion house, has recently filed a trademark application that covers various aspects of Web3, according to a lawyer specializing in brand analysis. This suggests that Hermes may be considering a move into the world of NFT marketplaces and the metaverse. The trademark application, reportedly filed on August 26th with the US Patent and Trademark Office, includes references to NFTs, cryptocurrencies, online games, virtual clothing, accessories, exhibitions, and fashion shows.
Earlier this year, Hermes had expressed its interest in exploring the metaverse, viewing it as a communication tool. However, this recent trademark application indicates a potential acceleration in their plans to monetize these digital platforms. It is also seen as a protective measure to minimize the risks of appropriation and counterfeiting.
Hermes has already taken legal action against digital artist Mason Rothschild, who created a series of NFT interpretations of the popular Birkin bag. The brand claimed that these NFTs generated over $1.1 million in sales, with individual prices ranging from $15,200 to $45,100. This indicates the value and potential of digital assets in the luxury market.
As the metaverse evolves, legal experts are emphasizing the need for brands to protect their intellectual property rights and adapt their strategies accordingly. Platforms will need to update their terms and conditions to address ownership rights over virtual creations. Brand owners must be vigilant in extending the protection of their brands to new classes of products and services in the metaverse. They also need to take measures to combat counterfeiting and ensure that any use of their brand in the metaverse requires prior authorization.
In conclusion, Hermes’ trademark application suggests the brand’s interest in expanding into digital avenues such as NFTs and virtual marketplaces. This move reflects their willingness to explore new opportunities in the digital realm and protect their brand from potential threats. As the metaverse continues to grow, luxury brands like Hermes must adapt and protect their intellectual property rights to stay relevant in this new digital landscape.
Useful Links:
1. US Patent and Trademark Office
2. Bird&Bird: International Privacy & Data Protection
