By
Chimamanda U. Martha
April 22nd, 2024
Several companies continue to file fresh trademark applications to join the Web3 ecosystem.
Fresh reports about trademark applications may have revealed that interest in NFT is still very much active. This is despite a wider market downturn that saw its sales and trading volume dwindle by a considerable amount. At some point, NFT trading volume sank over 74% in just two months. That was between May and June, even as virtually all other cryptocurrencies also plunged into the deep. However, a recent data compilation made by licensed trademark attorney Mike Kondoudis is showing some bright signs.
From the compilation, Kondoudis found out that trademark application filings for NFTs alone have surged by over 68% within the last year. He noted that only 2,142 applications were filed in the entire 2021. However, that has now grown to 6,855, as of the end of October 2022.
About cryptocurrencies, there is also an uptrend in the number of companies filing trademarks for them and services closely linked. According to the data, trademark applications in this category have also reached 4,708, as of October end. This represents another 25% increase from the number of applications (3,547) in the category for the entire 2021.
Lastly, companies are also showing interest in the metaverse and services closely related to it. Kondoudis’ data suggests that the number of trademark applications filed for the metaverse category has surged over 62% from 1,890 filed in 2021, to 4,997. He wrote:
“Thru October, 4997 US trademark apps have been filed for Metaverse and virtual goods/services.”
Trademark Applications Reveal Corporate Interest in NFTs and Metaverse Remain Strong
It is worth noting that 2022 has been a difficult year of setbacks amid the ongoing crypto downturn. But despite this reality, there continues to be a massive appetite for NFTs, crypto, and the metaverse among companies.
To put the above statement into perspective, several companies continue to file fresh trademark applications to join the Web3 ecosystem. For instance, toward October ending, cosmetic giant Ulta applied to include NFTs and virtual services in its offerings.
Also recently, luxury watch producer Rolex filed a similar trademark application as it hopes to incorporate NFTs into its business.