Trademark Applications Around Crypto, Web3, Metaverse, NFTs Rise in US

Over 3,600 trademark applications around the sectors of cryptocurrency, Web3, metaverse, and non-fungible tokens (NFTs) have been filed so far this year in the US as of August 31. The number of trademarks filed around these industries stood at 3,516 in all of 2021. The findings have been highlighted by Mike Kondoulis, an intellectual property lawyer who often shares tips on brands and companies filing for patents and trademarks in the US.

This year so far, number of NFT applications have surpassed those submitted in the crypto, Web3, and metaverse arenas. By this time, over 5,800 applications and patents concerning NFTs have already made it to the United States Patent and Trademark Office (USPTO). In 2021, this number stood at 2,087.

The month of March this year saw maximum number of NFT-related applications being filed at 1,078.

The expansion of these blockchain-backed sectors is happening in the backdrop of promising industrial performances and projections around them.

Meanwhile, the sales of NFTs reached $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

Just last week, a study by Dune Analytics claimed that the high-end luxury brands that integrated their products with NFTs in recent times have managed to churn out millions in revenue.

A total of $260 million (roughly Rs. 2,074 crore) has collectively been bagged by reputed brands who explored selling NFTs with their products.

Meanwhile, the trademark filings in the metaverse and Web3 sectors have also doubled down on what their numbers were in 2021.

Earlier this month, Hermès, the 1837-founded French luxury design house, filed an elaborate trademark application including its intensions to dive into the sectors of cryptocurrencies, metaverse, and NFTs.

Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,700 crore) by 2024.