Rolex to Use NFTs, Crypto Keys?..

[askdanny]

I've never dabbled in crypto and can barely spell "NFT."

But a USPTO-licensed trademark attorney broke the news yesterday by tweeting Rolex had filed a trademark application claiming plans for NFTs, crypto keys, virtual goods...

His full tweet here...

https://www.rolexmagazine.com/2022/1...keys-nfts.html

[rambo99]

it not surprising at all, Breitling has already applied block chain technology to authenticate their watches years ago.

[APWhale]

Originally Posted by askdanny

I've never dabbled in crypto and can barely spell "NFT."

But a USPTO-licensed trademark attorney broke the news yesterday by tweeting Rolex had filed a trademark application claiming plans for NFTs, crypto keys, virtual goods...

His full tweet here...

https://www.rolexmagazine.com/2022/1...keys-nfts.html

Then you missed out on a fun day yesterday

[DDPS]

This solves precisely nothing. Blockchain cannot protect physical goods from being altered, emulated, or otherwise tampered with. It can only protect fully digital goods. You can get a better sense for this here: https://newsletters.theatlantic.com/...rc-andreessen/

[rambo99]

Originally Posted by DDPS

This solves precisely nothing. Blockchain cannot protect physical goods from being altered, emulated, or otherwise tampered with. It can only protect fully digital goods. You can get a better sense for this here: https://newsletters.theatlantic.com/...rc-andreessen/

at least it can prove every changes of ownership of a watch, so it's not stolen.

[Marcjvr]

Originally Posted by rambo99

at least it can prove every changes of ownership of a watch, so it's not stolen.

Can’t even do that well if the blockchain is not diligently updated to reflect each transaction

[rambo99]

Originally Posted by DDPS

This solves precisely nothing. Blockchain cannot protect physical goods from being altered, emulated, or otherwise tampered with. It can only protect fully digital goods. You can get a better sense for this here: https://newsletters.theatlantic.com/...rc-andreessen/

Originally Posted by Marcjvr

Can’t even do that well if the blockchain is not diligently updated to reflect each transaction

if you buy from a grey dealer and the blockchain only contains one owner(rolex), then you know it's stolen.

[DDPS]

Originally Posted by Marcjvr

Can’t even do that well if the blockchain is not diligently updated to reflect each transaction

Correct. Nothing in a physical product's movement requires an update to a blockchain. Blockchain can only provide a reliable chain of custody for digital objects.

[beshannon]

Originally Posted by askdanny

Rolex had filed a trademark application claiming plans for NFTs, crypto keys, virtual goods...

Filing protects their rights. It does not mean they are going to do anything

[brandrea]

Originally Posted by beshannon

Filing protects their rights. It does not mean they are going to do anything

This ^^^

[cjhurni]

Didn't a theory like this swirl around earlier in the year / last year too?

[HiBoost]

Nailed the timing. "Rolex jumps on crypto bandwagon just as bitcoin crashes to 2 year lows"

[Aquinas]

And they don’t do a centralized register via the Rolex website now because…?

[shwingus]

Originally Posted by Aquinas

And they don’t do a centralized register via the Rolex website now because…?

This. No need for stupid NFT's or the blockchain...Just do what AP did and offer extra warranty for people to register their watches online.

[dannyp]

Also so many other contexts for this stuff. Like…

Better tracking off batches of spare parts as more plaque service centers open up

Opportunities for digital artists supported by Rolex foundation arm

Ability for ADs to transact with digital currencies (wholesale purchases)

[SLWoodster]

May not come for years, decades. Most watch companies are planning this already.

[ndrs63]

Just because one files for a patent, it does not necessarily mean they want to use it. It can be a defensive strategy to ensure they are not facing legal hurdles if/when they intend to indeed leverage the invention


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[Gab27]

I think some digital method of documenting the original specs of the watch, the service history, and showing a presence/lack of an active warranty would be great to have. Further, it might not be a terrible thing if it could be used to flag stolen watches, although obviously there would be a lot of complications with the implementation of that.

[dethswatch]

Originally Posted by Gab27

if it could be used to flag stolen watches, although obviously there would be a lot of complications with the implementation of that.

All of this could be done- today- without any hooey from the cryptoHype Beasts.

[rambo99]

Originally Posted by dethswatch

All of this could be done- today- without any hooey from the cryptoHype Beasts.

how can you know if the watch you bought from a grey dealer is stolen or not? i'm curious.

[DDPS]

Originally Posted by rambo99

how can you know if the watch you bought from a grey dealer is stolen or not? i'm curious.

There is no known perfect solution for this. Blockchain won’t help, either. Publicly available databases of serial numbers of reported stolen objects are the best (but not perfect) defense.

[Trailboss516]

FFS what is next? Putting my old Nikes on the blockchain? My sore throat? Kyle's virginity?

[Gab27]

Originally Posted by dethswatch

All of this could be done- today- without any hooey from the cryptoHype Beasts.

And that would be great as well. I am more interested in the outcome rather than the mechanics.