Rolex expand towards NFT

Lawyer Michael Kondudis revealed that Rolex has applied for trademarks in the NFT space. They, apparently, want to expand towards the cryptocurrency market and start making money on non-fungible tokens. Role is far from the first watch manufacturer to start its expansion towards modern technology in the form of cryptocurrencies. Earlier, representatives of TAG Heuer announced the emergence of a new method of payment for their goods. Now buyers can pay the watchmaker with cryptocurrencies such as BTC, Ethereum and Dogecoin.

Breitling, which makes watches, has also stood out from its competitors. Their clients will be able to pay for services with cryptocurrency stablecoins: BUSD, USDC, DAI and USDP. USDT is not included in the list of possible currencies with which you can pay. Hublot is also on the list of progressive watch manufacturers.

Experts believe that if you correctly approach the design of the structure of virtual assets and understand their principles, you can take the level of payments to a whole new level. Earlier, various analysts reported that digital assets could theoretically become a new direction for the development of the topic of savings funds, and bitcoin will become an alternative to gold. Like the latter, the main cryptocurrency is becoming increasingly difficult to mine, which means that the deflationary potential of “digital gold” is quite high, although it is difficult to feel this in a bear market at the moment.

Despite this, cryptocurrency still remains a risky type of payment, although it has many advantages in the form of high transaction speed and low commission (not all cryptocurrencies). European Commissioner for Economics Paolo Gentiloni said that at the moment it is worth studying in detail the issue of risks that may disrupt the economic development of the European Union. In addition, various regulators must come to a common compromise regarding the formation of a stable financial system that can use cryptocurrency.