It appears as though Sega has trademarked what might be the title for a possible new entry in the Nights series, with them trademarking the title “Nights Dream Wheel” in Japan. The Nights series has only seen two entries in the past 23 years, the first being the beloved classic Nights into Dreams on the Sega Saturn, and the other being the somewhat underwhelming Nights: Journey of Dreams. The first game has seen ports to multiple consoles as well as PC, though the franchise as a whole has remained silent in all but cameos (mostly in Sonic games) for the longest time.
Sega has many different franchises that have been lying dormant for many years. Franchises like Jet Set Radio, Space Channel 5, Crazy Taxi, etc., but of all the franchises that they’ve left alone for some time, Nights is among the more neglected, as well as the more unique. The franchise stars a genderless purple circus performer named Nights who flies around in colorful circular courses inside peoples dreams. The first game in the series Nights into Dreams was well-received at the time and was one of the prominent standout titles from the library of the ill-fated Sega Saturn. There was even a separately released Christmas level for the game released on its disc, and a new circle-pad controller made by Sega specifically for the game.
The idea of a new installment in the series probably has some die-hard Sega fans very excited, but the trademark isn’t a guarantee of a new game. The alternative possibility that some people have raised is that the titled “Dream Wheel” may be an allusion to a slot machine and that rather than a new game in the franchise, the trademark is simply for a slot machine that utilizes the license. Sega is a well-known arcade manufacturer, particularly in Japan, so it may be a possibility, though only time will tell.