Keep an eye out for trademark registrations from the big company NFT this year
Crypto followers would do well to keep an eye on nonfungible token (NFT) and metaverse trademark applications this year, which are “reliable signals” of future usage plans.
Speaking to Cointelegraph, intellectual property attorney Michael Kondoudis said that while many may think that big companies are just jumping on the NFT trend as a novelty, “it’s not possible” to register a trademark in the US without the intention of using it.
Despite a relatively low cost to file an application — anywhere from $250 to $350 per class of goods/services — Kondoudis explained that when a company files a trademark application, it requires a sworn statement that the applicant has a “bona fide ” intention to use the mark in the future for the listed products and services.
However, he noted that these applications are “undergoing merit processing” and may be rejected for a number of legal and technical reasons.
2023 has already seen a number of large companies apply for NFT-related trademark applications, and Kondoudis has been active on Twitter, introducing them to the public.
Brand trends so far in 2023
Kondoudis noted that “the first trend for 2023” was spirits companies applying for NFT trademark applications.
This year has already seen new registrations 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 18 January.
Kondoudis said 2022 saw a diverse range of sectors applying for NFT trademarks – from grocery stores, pet food brands, sports teams and leagues, cities, casinos and even game shows.
He believes that the large number of filings confirm NFTs and the metaverse has the attention of “corporate America”.
NFT patents give companies the advantage
Kondoudis is confident that consumers will see companies acting on their NFT patents in the future, noting:
“These trademark registrations 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 that delving into the NFT patent space could provide significant growth opportunities for companies.
Kalsi said as NFTs continue to gain popularity, companies holding patents in the area can take advantage of the potential growth by licensing their technology or developing their own NFT-based products and services.
He believes that 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 the IP Impact of NFTs
He added that it is beneficial in the early stage of NFTs to own related patents, as it can provide a competitive advantage and prevent others from using “similar technology without permission.”
According to a tweet by Kondoudis on January 5, applications related to NFTs totaled 7,746 in 2022, an increase of almost 260% from 2021.
In a separate chirping on the same day, he added applications related to the metaverse totaled 5,850 last year, an increase of nearly 206% from 2021.
