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Trademark Filings Show CVS Health Is Entering the NFT, Virtual Goods Space

CVS Health, an American healthcare company, is the latest to jump on the NFT and metaverse bandwagon, a recent trademark filing shows.

CVS Health Joins the NFT Bandwagon

CVS Health has filed a trademark registration, according to The Block, indicating probable ambitions to sell non-fungible tokens (NFTs) and healthcare services in virtual and augmented reality.

Notable is that the trademark application was filed on February 28, 2022.

CVS Health, for the uninitiated, is the parent corporation of several well-known US-based firms, including CVS Pharmacy and insurance provider Aetna. CVS Health was, interestingly, rated fourth on last year’s Fortune 500 list.

While it is now known that CVS Health is exploring adding support for NFTs and the metaverse, it is unknown when the business will launch the new Web3 offerings. This was also confirmed by Mike Kondoudis, a trademark attorney.

The trademark filing process is classified into two stages, namely 1A and 1B.

1A filing entails actual use, in which a business provides evidence of trademark usage to the government. In comparison, a 1B filing just declares an intent to utilize. In essence, a 1B filing indicates that the corporation intends to deploy the technology in the future but does not necessarily have immediate plans to do so.

Notably, CVS Health’s application is on a 1B basis. According to the petition, the business intends to offer digital and virtual items, as well as prescription pharmaceuticals, in a virtual environment.

According to a CVS representative,

“As the leading health solutions company, we’re consistently enhancing our omnichannel health services to meet the needs of consumers when and where they want them, including at home, virtually and in the community.”

Adding:

“We’re also regularly looking at new and innovative ways to engage consumers through a digital-first, technology-forward approach, which is why we recently made trademark filings related to virtual health care services, as well as other virtual goods and services.”

Is the NFT Euphoria Simmering Down?

Despite the growing number of corporations embracing NFTs in recent years, it appears as though the uncertain macroeconomic outlook and geopolitical tensions have drained liquidity from risky assets and commodities, including NFTs.

As previously reported by crypto.news, the top NFT marketplace OpenSea saw a 37 percent decline in trading volume following a series of vulnerabilities and growing user displeasure.

Despite the brief slowdown in the NFT industry, large firms are not afraid to embrace breakthrough technology in order to take client connection to the next level by personalizing it.

KPMG Canada recently acquired several World of Women NFTs as part of its ‘long-term company plan,’ according to crypto.news.

Benjie Thomas, Managing Partner of KPMG Canada’s Advisory Services, stated:

“This acquisition reflects our belief not only in the continued growth of NFTs, but in the value of WoW and its mission. Having now gone through the process, we are well-positioned to guide our clients around building a corporate NFT strategy, including, acquiring and safeguarding NFTs.”

Recently, crypto.news revealed that Papa Chains, a leading American pizza restaurant chain, was distributing free NFTs minted on the environmentally friendly, high-speed Tezos (XTZ) blockchain.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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