Forbes India Rich List 2022

Trademark applications for crypto assets, metaverse, and NFTs is expected to skyrocket this year

The number of trademark applications submitted for NFTs alone increased from as little as 2k in 2021 to over 6k by the end of October 2022

Shashank Bhardwaj
Published: Nov 8, 2022 04:15:22 PM IST

Trademark applications for crypto assets, metaverse, and NFTs is expected to skyrocket this yearImage: Shutterstock

In 2022, there has been a sharp increase in businesses registering trademarks for crypto assets, virtual products and services relating to the Metaverse, and non-fungible tokens (NFTs).

As of the end of October 2022, there were 4,708 trademark applications submitted for digital currencies and the goods and services that go along with them, exceeding the absolute number of applications filed in 2021, according to statistics collated by licensed trademark attorney Mike Kondoudis (3,547).

The number of trademark applications submitted for the Metaverse and the virtual products and services it is associated with increased from 1,890 in 2021 to 4,997 in 2022. Despite the obstacles the ecosystem has had to overcome to become fully operational, this indicates a big desire for the Metaverse and its associated goods.

Despite a noted fall in NFT trading volume and revenues, there is still a growing interest in NFTs as a technology. Kondoudis' figures show that as of October 2022, there were 6,855 trademark applications for NFTs and items linked to them, up from 2,142 in October 2021.

Several businesses have recently submitted new trademark applications to join the Web3 ecosystem in the last month. Ulta, a significant beauty and cosmetics retailer, submitted a trademark registration on October 21 regarding its intentions to offer NFTs, virtual makeup, and salon services.

With intentions to expand its empire with NFTs, NFT-backed media, NFT markets, and crypto exchange, luxury timepiece Rolex also submitted a trademark application.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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