CVS Files for NFT-related Trademarks in the Metaverse
The US-based drugstore chain joins large retailers Nike and Walmart in filing for metaverse-related trademarks
Source: Shutterstock
- “This signals that brands are paying attention [to the metaverse,] meaning they are staking their claim similar to how people sit on domain names,” Jenna Pilgrim, a blockchain startup exec, told Blockworks
- CVS mentioned NFTs and blockchain technology in its application
CVS filed a trademark application to sell “downloadable virtual goods” in the metaverse, looking to establish itself as the first pharmacy in the nascent virtual space.
The health services company cited prescription drugs, beauty and personal care products in its application, along with “crypto-collectibles” such as NFTs.
The application, which was filed under the entertainment and amusement category on Feb. 28, was not made public until Friday.
Noah Gaynor, co-founder of NFT (non-fungible token) real-estate startup Parcel, told Blockworks that the application signals that more companies are “looking to plant their flag in the virtual ground” of the metaverse.
“I’d say it’s further confirmation that all consumer-facing brands, no matter the industry, are viewing the metaverse as the new frontier in reaching customers — through digital goods and services — and are therefore devising a metaverse strategy,” Gaynor said.
CVS joins the likes of big-name retailers Nike and Walmart in filing for metaverse-related trademarks. The sneaker company filed seven requests for patents and trademarks on virtual goods last year — including clothing, sports bags, art and accessories.
Jenna Pilgrim, CEO of blockchain startup Rite Network, told Blockworks that the influx of applications is a “positive signal to the market.”
“This [shows] that brands are paying attention, meaning they are staking their claim similar to how people sit on domain names. This strikes me as a form of legitimacy for metaverse applications,” Pilgrim said.
“Obviously, these applications have much farther to go for the protection of real assets that they would build in the metaverse, but it’s a cute first step.”
CVS did not immediately respond to Blockworks’ request for comment.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
