According to Simmons' application, he's seeking to trademark the symbol for all things relating to "entertainment, namely, live performances by a musical artist; personal appearances by a musical artist".
It's important to note that Simmons' illustration depicts the thumb extended out, which is different from the horns with the thumb over the ring and middle fingers as popularized by Ronnie James Dio.
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And there are other variations on the gesture-asio9 points out, it's pretty similar to Spider-Man's web "thwip" thing, which is actually more upside down, but the form is still pretty close (the thumb is definitely out, purported Simmons style). But as you can see from the photo above, and the many more available online showing Simmons' message of devotion to the ASL-speaking community, he is evidently no self-respecting metalhead. Then again, maybe Simmons is saying "I love you", but if so, those who use sign language might not love what he's doing. A diagram of the hand gesture was included with the application and can be seen here.
An even bigger question is the extent to which Simmons could enforce trademark rights even if his registration is accepted. Read the full story-which includes a very amusing anecdote about Jay Z, the pro wrestling great Diamond Dallas Page, and the garish electro duo 3OH!3-here. However, we did find a lawsuit filed by Page in 2010 against the American electronic music duo, 3OH13. In fact, according to THR, Page successfully sued and settled a case with 3OH!3 over an alleged infringement of putting your hands up to make a diamond in the negative space.
No matter what happens for Simmons, we guarantee nobody will ever be able to trademark a handshake.