Faber-Castell is innovating with NFTs and products in the metaverse

Recently, the famous German stationery company, Faber-Castell, took another step into the world of crypto assets by filing three patent applications in the US related to crypto-related products. Metaverse and non-fungible tokens (NFTs).

Faber-Castell and the world of crypto assets

#Faber Castell Coming to the Metaverse!

The company has filed a trademark application claiming plans for two trademarks:

🖊️ Virtual pens, pencils and stationery
🖊️ Stores for virtual goods
NFT supported digital files
crypto holdings

…and much more!#NFTs # Metaverse #web3 # encrypt pic.twitter.com/cgpInncdkx

– Mike Kondoudis (@KondoudisLaw) May 15, 2023

The documents reveal the company’s interest in expanding in this sector. The applications were submitted last Wednesday, the tenth, and are awaiting approval by the competent authorities in the United States, with the assistance of attorney Michael Kondodis, a patent attorney.

According to the documents, Faber-Castell is developing digital assets, including computer programs with drawing and writing materials, pens, crayons, pencils, erasers, rulers, artists’ materials, and notebooks.

The proposal is for these items to become tradable crypto assets through blockchain technology, allowing digital items to be traded and acquired or sold using cryptocurrencies.

Moreover, one of the patent applications involves the creation of a retail service for the purchase and sale of these virtual assets, while the third application aims to create a virtual space for recreational interaction, leisure and entertainment for users.

The documents indicate that Faber-Castell intends to enter the metaverse by offering crypto assets and collectible NFTs that mimic products already marketed by the company in several countries, including Brazil. This strategy follows the example of other companies, such as Adidas.

What is the status of Metaverse?

Faber-Castell’s strategy shows that traditional companies are still exploring opportunities for their products in the metaverse, even in the face of a decline in the popularity of this sector and discussions about its applications and impact on the economy.

In a recent article in the Financial Times, the CEO of a public relations firm, Ed Zitron, said that “a much-acclaimed technology” had “died, abandoned by the business world.” He noted that the Meta’s virtual reality platform, Horizon Worlds, had failed to live up to its “great promise” of becoming the future of the internet.

This article sparked discussions on social media, with advocates and critics alike speaking out. On the other hand, Epic Games CEO Tim Sweeney remains optimistic about the metaverse and has strengthened its position, citing 600 million users on virtual world platforms such as Fortnite, Minecraft, Roblox, Sandbox, and VR Chat.