French brand Hermes lays the groundwork for the Web3 Four, details here

French Brand Hermès Establishes Groundwork For Web3 Foray, Details Here

Herms, the 1837-founded French luxury design house, is looking to give its brand a Web3 twist to keep pace with the modern world. The brand has filed an extensive trademark application with intentions to enter the fields of cryptocurrency, metaverse and non-fungible tokens (NFTs). Hermes is looking to provide customers with a high-end virtual shipping experience through retail stores featuring virtual goods. Technologies such as augmented reality (AR) and mixed reality (MR) will be used to create metaverse-like backgrounds for Hermes.

The brand has filed its application with the United States Patent and Trademark Office (USPTO), seeking permission to work with downloadable software to view, store and manage digital collectibles, cryptocurrencies and virtual objects such as NFTs for use in the online world.

Mike Kondoudis, a USPTO-licensed trademark attorney, shared screenshots of the Hermes filing on Twitter.

So far, the brand hasn’t revealed any ideas it has in mind for its own Web3 journey.

However it has been established that Herms will join its contemporaries such as Dolce & Gabbana and Gucci.

Just last week, a study by Dune Analytics claimed that high-end luxury brands that have integrated their products with NFTs in recent times have raked in millions in revenue.

A total of $260 million (approx. Rs. 2,074 crore) has been collectively earned by reputed brands that explored selling NFTs with their products.

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Nike topped the list with $185.3 million (roughly Rs. 1,478 crore) in NFT sales, while Italian luxury fashion brand Dolce & Gabbana, jewelry brands Tiffany and Gucci ranked second, third and fourth respectively. The revenue they collect through NFT-related projects.

The realm of metaverse is also witnessing interesting entries related to fashion which are adding credibility to its existence.

Earlier this year, for example, Decentraland metaverse hosted a four-day digital event dedicated to the fashion industry.

Many luxury brands such as Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder and Elie Saab showed their presence on the virtual runway in Decentraland at that time. CoinTelegraph reports is reported.


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