Keep an eye out for major company NFT trademark filings this year

Published at: Jan. 26, 2023

Crypto proponents would be wise to keep their eyes on nonfungible token (NFT) and metaverse trademark applications this year, which are “reliable signals” of future-use plans.

Speaking to Cointelegraph, intellectual property lawyer Michael Kondoudis said while many people may think big corporations are just jumping onto the NFT trend as a novelty, “it is not possible” to register a trademark in the United States with no intention to use it.

Despite a relatively low cost for filing an application — ranging from $250 to $350 per class of goods/services — Kondoudis explained when a company submits a trademark application, it requires a sworn statement that the applicant has a “bona fide” intent to use the mark in the future for the listed products and services.

He noted, however, that these applications “undergo substantive review” and may be rejected for a number of legal and technical reasons.

2023 has already seen a string of major companies filing for NFT-related trademark applications and Kondoudis has been active on Twitter, bringing them to the public’s attention.

Trademark trends so far in 2023

Kondoudis noted “the first trend for 2023” was liquor companies filing for NFT trademark applications.

This year has already seen new filings from well-known alcohol brands such as Absolut Vodka, Chivas Regal whisky and Malibu Rum, he noted.

Irish Distillers International, makers of Jameson Irish whiskey, was the latest liquor company to file for an NFT trademark application on Jan. 18.

Irish Distillers Int’l has filed a trademark for #JAMESON #whiskey claiming plans for Virtual clothing, footwear, alcoholic drinks NFT trading software Stores for virtual goods + NFTs NFT trading marketplaces Virtual bars + restaurants#NFTs #Metaverse #Web3 pic.twitter.com/7dhHZrXh2S

— Mike Kondoudis (@KondoudisLaw) January 23, 2023

Kondoudis said 2022 saw a diverse range of sectors filing for NFT trademarks — from grocery stores, pet food brands, sports teams and leagues, cities, casinos and even game shows.

He believes the sheer number of filings confirms NFTs and the metaverse have the attention of “corporate America.”

NFT patents give companies the edge

Kondoudis is confident consumers will see companies act on their NFT patents in the future, noting:

“These trademark filings are reliable signals of future plans to use marks for the products and services listed in the applications.”

Speaking to Cointelegraph, Ralph Kalsi, CEO of Blockchain Australia believes diving into the NFT patent space can bring significant growth opportunities for companies.

Kalsi said as NFTs continue to gain popularity, companies holding patents in the space can capitalize on the possible growth by licensing their technology or developing their own NFT-based products and services.

He believes the NFT patent space is a “promising area” that can establish a company as a leader by being an early adopter of NFT technology.

Related: US trademark and copyright offices to study IP impact of NFTs

He added that it’s advantageous in the early stage of NFTs to own related patents as it could provide a competitive edge and prevent others from using “similar technology without permission.”

According to a Jan. 5 tweet from Kondoudis, applications relating to NFTs totaled 7,746 in 2022, a nearly 260% increase from 2021.

The rate of new trademark applications for NFTs and related goods/services continues to slow. Only 341 were filed in December, which is less than 1/3 of the 1089 filed in March2022 Total: 7746 2021 Total: 21542020 Total: 27#NFTs #Web3 #NFTCommmunity #Metaverse #MetaverseNFT pic.twitter.com/KneGIl0WxJ

— Mike Kondoudis (@KondoudisLaw) January 5, 2023

In a separate tweet on the same day, he added applications pertaining to the metaverse totaled 5,850 last year, a nearly 206% increase from 2021.

Tags
Adoption
Nft
Regulation
Law
Metaverse
Digital Asset
Patents
Related Posts
Indian startup organization proposes regulatory framework for crypto
IndiaTech.org, an industry association representing India’s consumer internet startups and investors, wants to provide clear definitions for the cryptocurrency industry. On Wednesday, the association released a white paper including a policy proposal with recommendations for a regulatory framework for crypto assets and crypto exchanges in India. The proposed framework suggests to define cryptocurrencies like Bitcoin (BTC) as digital assets and not currencies. “Define cryptocurrencies as digital assets and not currencies and grant them recognition as digital assets like gold, stocks, or marketable securities,” the proposal reads. The framework further recommends introducing a registration system for India-based cryptocurrency exchanges as well …
Adoption / May 6, 2021
$2.5T crypto market will not wait for nations to onboard: WazirX CEO
Indian entrepreneur and the CEO of crypto exchange WazirX Nischal Shetty envisions a race between countries to launch their local versions of central bank digital currencies (CBDC) in the coming year. Speaking to Cointelegraph, Shetty said that the year 2022 would be an extension of the ongoing discussions around crypto regulations, exchange-traded funds (ETFs) and the emergence of the metaverse: “We’re optimistic that we’ll get regulatory clarity, see institutional participation fuel retail adoption. We also expect to see more metaverse projects making an entrance.” Shetty pointed out that the crypto industry today — directly or indirectly — employs about 50,000 …
Adoption / Dec. 29, 2021
NFT fashion hits the runway as designers launch in the Metaverse
The rise of the Metaverse has resulted in an entirely new digital economy, one defined by virtual experiences and interactions. In turn, metaverse ecosystems consisting of avatars are also emerging, allowing individuals to express themselves through digital customizable 3D characters. This idea was recently broadcasted to the mainstream when Facebook’s parent company, Meta, introduced a series of inclusive avatars. While the Metaverse may sound futuristic, recent findings from technology research and consulting company Gartner predict that 25% of people will have spent at least one hour per day in the Metaverse by 2026. Gartner vice president Marty Resnick has also …
Adoption / March 8, 2022
Demystifying the business imperatives of the Metaverse
In a previous article, I discussed the evolution of Web3 economies and current volatility, focusing on the participatory nature of Web3, which is the foundational technology enabling the creator economy. The term “metaverse” — meta and universe — often describes the anticipated future iteration or evolution of the internet powered by Web3 technologies like blockchain and decentralized resource distribution and consumption principles. Although the focus has often been on metaverse modalities such as augmented reality (AR), virtual reality (VR), gaming, Second Life, avatars and so forth, in my view, these modalities represent an interesting evolution or shift from the digital …
Adoption / April 30, 2022
Largest NFT mint ever: Making sense of Yuga Lab’s ‘virtual’ land bonanza
Last week, 55,000 parcels of “virtual land” were sold on the Ethereum blockchain for more than $300 million, the largest nonfungible token (NFT) mint ever. It wasn’t without controversy. In return for shelling out close to $6,000, a purchaser received an Otherdeed NFT, which authenticates that buyer’s ownership of a patch of digital real estate in developer Yuga Labs’ new Otherside game environment. What can you do with a plot of virtual ground? Well, you can develop your own online games on it or build a digital art gallery, among other things. Moreover, you might expect a lot of online …
Adoption / May 9, 2022