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

January 27, 2023No Comments


Cryptocurrency advocates should be on the lookout this year for non-fungible token (NFT) and metaverse trademark applications, which are "trustworthy signs" of plans for future use.

Speaking to Cointelegraph, intellectual property lawyer Michael Kondoudis said that while many people may think that large corporations are just jumping on the NFT trend as a novelty, "it's not possible" to register a trademark in the United States. with no intention of using it.

Despite the relatively low cost to file an application, which ranges from $250 to $350 per class of goods/services, Kondoudis explained that when a business files a trademark application, an affidavit is required that the applicant intends to " in good faith" to use the trademark. brand in the future for the listed products and services.

However, he noted that these requests "undergo a substantive review" and may be rejected for a number of legal and technical reasons.

2023 has already seen a number of big companies Filing a Trademark Related to NFT apps and Kondoudis has been active on Twitter, bringing them to the public's attention.

Brand trends so far in 2023

Kondoudis noted that "the first trend for 2023" was for alcoholic beverage companies to file NFT trademark applications.

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

Irish Distillers International, makers of Jameson Irish Whiskey, was the latest spirits company to file an NFT trademark application on January 18.

Kondoudis said that 2022 saw a wide range of sectors file applications for NFT trademarks, from supermarkets, pet food brands, sports teams and leagues, cities, casinos and even game shows.

He believes that the large number of submissions confirm NFT and the metaverse have the attention of "corporate America."

NFT patents give companies the edge

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

"These trademark filings are reliable signs of future plans to use trademarks for the products and services listed in the applications."

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

Kalsi said how NFTs continue to gain popularitycompanies that hold patents in the space can capitalize on potential 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 Copyright and Trademark Offices to Study Impact of NFTs on IP

He added that it is advantageous in the early stage of NFTs to own related patents, as it could provide a competitive advantage and prevent others from using "similar technology without permission."

According to a January 5 tweet from Kondoudis, NFT-related apps totaled 7,746 in 2022, an increase of nearly 260% from 2021.

in a separate cheep On the same day, it added that metaverse-related apps totaled 5,850 last year, an increase of nearly 206% since 2021.