CVS Health is the latest industry leader to go public with its intent to launch NFTs and create a metaverse presence. The Healthcare giant has filed a trademark application that indicates its plans to release its own virtual goods and services.
CVS Health’s NFT and Metaverse Plans
For the uninitiated, the CVS Health umbrella includes several businesses and brands. It owns retail pharmacy chain CVS Pharmacy, Pharmacy Benefits Manager CVS Caremark and insurance provider Aetna. In addition, it was ranked 4th on the Fortune 500 list and 7th on the Fortune Global 500 list. So this latest development is a big win for the NFT space. With over 10,000 locations worldwide, the company’s NFT and metaverse plans will contribute largely to mainstream adoption.
Commenting on the filing, a rep from CVS Health told The Block that their latest move was driven by consumer demand. He said, “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. This includes at home, virtually and in the community.”
He added that, aside from providing services, the company also wants to engage consumers better. So innovative ways such as NFT and the metaverse fit their digital-first, technology-forward approach.
As for the execution part, CVS Health is still at the early exploratory phase. The rep clarified that they are still exploring the virtual route and other options. Ultimately, the goal is to “improve consumer experience and launch new consumer-centric services and offerings.”
About Trademark Filings and What They Really Mean
The trademark filing process can be divided into two categories: 1A filing and 1B filing.
1A filing implies actual use in which a company gives the government evidence of use for the trademark. Meanwhile, 1B filing merely indicates that there’s an intention to use. Essentially, a 1B filing means the company has intentions to use the technology in the future while not necessarily having any immediate plans for the same.
As for CVS Health’s filing, the Healthcare giant applied on a 1B basis. This clearly indicates that the company is going for it. So we can expect future NFT drops and possibly virtual and AR-backed services and consumer experiences.
A finders panel of over 30 fintech experts has predicted the NFT market cap will reach $26 billion by the end of the year. Additionally, the board forecast a $146 billion market cap by the end of 2025. So we can expect more enterprises and brands to enter the space. Even traditional financial institutions like the New York Stock Exchange, which filed a new trademark application to register the term “NYSE” for several crypto and financial products and services.
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