Crypto-Related US Trademark Filings Falling Rapidly in 2023

Although 2022 was an exceptionally successful year for trademark applications related to the cryptocurrency industry in the United States, 2023 has gotten off to a much slower start, as the numbers are about two-thirds lower than the same period the previous year. .

Notably, the crypto-related trademark applications in the US in the first quarter of 2023 totaled 559, which is a 66.1% decrease from the 1,649 registered in the first quarter of 2022, according to the data shared by trademark and patent attorney Michael Kondoudis of Law Offices of Michael E. Kondoudis on April 5.

Further crunching the numbers from the US Patent and Trademark Office (USPTO), January 2023 saw 196 new crypto trademark applications registered, February only 160, while March witnessed a slight improvement in these trademark registrations from the previous two months, with 203 applications, as the diagram indicates.

In particular, 2022 was a record year in this regard, registering a total of 5,383 crypto-related trademark registrations in the US, compared to 3,570 in 2021 and only 1,137 in 2020, as the cryptocurrency sector continued to grow thanks to increased institutional and individual interest, and to despite the turbulent development.

At the same time, registrations for trademarks related to the metaverse and non-fungible tokens (NFTs) have also registered a decline, as shared by Kondoudis in several separate tweets for each, posted on April 5.

Specifically, the number of new US metaverse trademark applications is down 45%, as there were 1,819 filings in the first three months of 2022, while the same period in 2023 saw 835 new metaverse-related filings with the USPTO. In total, 2022 recorded 5,850 registrations, compared to 1,914 in 2021 and 990 in 2020.

As for the NFT-related trademarks, they were down about two-thirds from the same period in 2022, when the USPTO received only 885 such trademark applications in the first quarter of 2023, compared to 2,530 in 2022. Total NFT-related trademark registrations in 2022 amounted to 7,746, compared to 2,154 in 2021 and just 27 in 2020.

That said, recent developments suggest that the world is far from losing interest in the metaverse sphere, especially in light of renewed interest in artificial intelligence (AI) sparked by the popularity of OpenAI’s text-based platform ChatGPT.

For example, Chief Technology Officer at Meta (NASDAQ: META), Andrew Bosworth, recently said that the company invested heavily in AI to benefit development of its metaverse plans, allowing users to create personalized, highly realistic graphics and virtual environments based on. on text input to AI.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.