Bitcoin, Ethereum, and other top cryptocurrencies have plummeted to prices not seen for months — if not longer — but that hasn’t stopped more than twice the number of people and companies from applying. trademark registration related to Web3.
According to data compiled by trademark attorney Mike Kondoudis, approximately 4,150 super or virtual “goods/services” applications have been filed with the US Patent and Trademark Office through August 31 — easily surpassed 1,866 applications filed in 2021.
But it’s not just the metaverse-related trademark applications that far outstrip last year’s total — NFT and crypto-related filings have also skyrocketed, Kondoudis noted. Companies and individuals filed about 5,800 trademark applications specifically related to the NFT through August, compared with 3,700 in 2021 and 3,600 crypto-related trademark applications filed. about 100 more applications than all of last year.
The filings, which often occur before companies launch a product or project, show that many companies believe the metaverse is going nowhere, even if prices plummeted Wednesday. knocks cryptocurrencies out of the ranks of trillion dollar asset classes.
The number of trademark applications related to the metaverse has slowed since its peak in March, when companies filed 759 applications, compared with 418 in August, but Kondoudis said. Luck that the record is likely to continue.
“Cryptocurrency trademark filing rates reflect rates for NFT and Metaverse products and services,” Kondoudis said. Luck in an email. “Application rates for all three have slowed since their peak in March but have continued and easily surpassed last year’s total.”
Max Dilendorf, a lawyer in New York, told Luck that his company works with a number of sports NFT platforms that have experienced strong growth.
Since last year, the sports NFT market has doubled to $2.6 billion, according to a study by Market Decipher, a research and consulting firm. According to Market Decipher, by 2024, the market could grow to $41.6 billion, which is likely to flood NFT trademark applications.
As for the metaverse, Facebook’s rebranding to Meta last year prompted some companies to take the concept of virtual worlds seriously. Over the past few weeks, companies like American car company Fordluxurious fashion label Hermesand Formula one all have filed metaverse-related trademarks, according to Kondoudis.
With some big banks like Citi betting that the metaverse can is a market opportunity worth nearly $13 trillionBrands are quickly moving to secure their piece of the pie.
Kondoudis added: “Businesses are preparing for their brands to enter the supermarket in the next few years.
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