French Brand Hermès Establishes Groundwork For Web3 Foray, Details Here

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.

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.

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.

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.