French Brand Hermès Establishes Groundwork For Web3 Foray, Details Here

Hermès is looking to provide a high-end virtual shipping experience to its customers via retail stores featuring virtual goods.

By Radhika Parashar | Updated: 1 September 2022 13:45 IST

Photo Credit: Twitter/ Hermès

Mike Kondoudis, an USPTO-licensed trademark attorney shared screenshots of Hermès filing on Twitter

Highlights

Hermès will use AR and MR to create shopping experience in metaverse
Details about the brand’s NFT project remain unknown
Previously, Dolce & Gabbana and Gucci have also dived deep into Web3

Hermès, the 1837-founded French luxury design house, is looking to give its brand a Web3 twist in a bid to keep pace with the modern-day world. The brand has filed an elaborate trademark application including its intensions to dive into the sectors of cryptocurrencies, metaverse, and non-fungible tokens (NFTs). Hermès is looking to provide a high-end virtual shipping experience to its customers via retail stores featuring virtual goods. Technologies like augmented reality (AR) and mixed reality (MR) will be used to create a metaverse-like backdrop for Hermès.

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 virtual goods like digital collectibles, cryptocurrencies, and NFTs for use in online worlds.

Mike Kondoudis, an USPTO-licensed trademark attorney, shared screenshots of Hermès filing on Twitter.

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Luxury brand Hermès has filed a trademark application for its name claiming plans to expand into

:arrow_forward:NFTs + Virtual currency
:arrow_forward:Crypto + NFT trading
:arrow_forward:Virtual good marketplaces
:arrow_forward:Virtual clothing, footwear, and fashion shows
... and more#NFT #Metaverse #Web3 #Crypto #Hermes_Paris pic.twitter.com/hdvsXeQtrC
— Mike Kondoudis (@KondoudisLaw) August 31, 2022

As for now, the brand itself has not disclosed any ideas it is considering to explore around its Web3 journey.

It is however established that Hermès will be joining its contemporary brands like Dolce & Gabbana and Gucci, among others.

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

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

While Nike garnered the largest amount of $185.3 million (roughly Rs. 1,478 crore) in NFT sales, Italian luxury fashion brand Dolce & Gabbana, jewellery brand Tiffany, and Gucci secured the second, third, and fourth ranks, respectively, in terms of the revenue they gathered via NFT-related projects.

The sector of metaverse is also witnessing a line-up of interesting fashion-related entries that are adding credibility to its existence.

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

What am I doing? Oh, you know, shopping for @dolcegabbana wearables.

This is one of 20 looks from D&G's groundbreaking show during 2022 #Metaverse Fashion Week, by @UNXD_NFT and featured in @voguemagazine.

:round_pushpin: @decentraland #OOTD pic.twitter.com/YZwhHodDLG
— Kelly Ann Collins (@itskac) August 31, 2022

Several luxury brands like Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder, and Elie Saab had marked their presence on the virtual runways in Decentraland at the time, a CoinTelegraph report has noted.

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Further reading: Cryptocurrency, Hermes, NFT, Metaverse, Web3

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More