When you think non-fungible tokens (NFTs) couldn’t have any more out-of-the-ordinary use cases… Recent news announces that Sherwin-Williams — the global leader for high-quality paints and coatings — recently filed a trademark to boost creativity via NFTs, virtual goods, and an online marketplace. So, virtual paints, anyone?
Quick Takes:
- Sherwin-Williams filed a trademark application for a Web3 presence, including NFT-backed media, virtual goods related to paints, and an online marketplace.
- A virtual presence can allow the company to expand its customer base, provide a new purchasing experience, and boost online advertising.
Reasons for Applying Web3 Initiatives
Sherwin-Williams is a world-famous American company that primarily manufactures, distributes, and sells paints, coatings, and other related products.
Founded in Cleveland, Ohio, in 1866, the company has since become one of the world’s largest paint manufacturers. To achieve such goals, it has had to stay up-to-date with development changes. However, pushing for a virtual presence has surprised its target market and the public alike.
USPTO licensed trademark attorney Mike Kondoudis today announced that the company recently filed a trademark application for a Web3 presence on Twitter:
Nevertheless, there are several reasons why Sherwin-Williams would want to have such a virtual presence.
By establishing an involvement in Web3, adding digital assets and virtual goods to its marketing strategy, the paint manufacturer can reach customers who cannot physically visit stores following personal and geographical limitations. Thus, this allows the company to boost its customer base through improved accessibility.
Moreover, this new initiative gives Sherwin-Williams a fresh, hip way to give customers a unique purchasing experience. Such encounters include new online tools, such as product comparisons, virtual color visualizers, and online ordering.
Becoming virtual means that Sherwin-Williams can boost its virtual presence, reach a wider audience and boost online advertising costively.
Adding its own NFT marketplace to the mix also gives the company the chance to directly sell digital collectibles for financial gain, while supporting artists alongside the arts.
Hold onto your paintbrushes — this tech-savvy move is a strategic one that helps Sherwin-Williams stay competitive in this digital world. There are numerous ways NFTs can benefit businesses.
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