Friday, October 7, 2022

Pharmaceutical Giant CVS Files for NFT and Metaverse Trademarks

CVS Health, according to a filing published on 28 of February, filed a trademark application for Non-Fungible Tokens (NFTs) in virtual health and collectibles in the market they serve.

The Consumer Value Store (CVS) Health Corporation is a leading American healthcare service provider that has the likes of CVS pharmacy, CVS Caremark, and Aetna in its fold. While CVS Pharmacy deals in the sales of prescription drugs and a range of other items, Aetna caters for health insurance and CVS Caremark focuses on helping members attain better health.

With the filing, CVS is planning on bringing the services it renders in its close to 10,000 stores to the virtual community in furtherance of its mission to provide customers with using a digital-first, technology-driven approach.

The filing covers downloadable virtual products that include “prescription drugs, health, wellness, beauty, and personal care products”

A staff of the corporation noted that the main aim the filling was made was because the firm was looking for creative ways to engage its customers. He further stated that they will continue to “explore this and other options to improve customer experience and launch new customer-focused services and offerings.”

According to trademark attorney, Mike Kondoudis, it’s difficult to ascertain that a company’s idea to move into the metaverse is in the immediate on the basis of filing, as there are two categories of such fillings -“1A filing” and “1B filing.”

He said that 1A filing means there is the actual use of a trademark presently while 1B filing means there are plans to make use of a trademark as it is futuristic. The CVS filing is a 1B filing.

Although the metaverse has enjoyed an entry surge in other mainstream industries, the CVS trademark filing will be the first for the pharmaceutical industry.

CVS Health care is also noted for its philanthropic involvement in the communities where its branches are situated. Some of the firm’s involvement includes; establishing charitable trust in order to provide funding for health care, providing roadside assistance to motorists in numerous cities, raising funds for non-profit agencies throughout New England amongst others.

Several industries have come onboard the evergrowing metaverse world, the sports industry is not left out as the footballing Giant Barcelona is mulling the idea of creating its NFTs. The American Multinational Investment Management Corporation, Blackrock has also revealed its intentions of entering into the digital currency ecosystem.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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