NFT Trademark Applications to Grow in 2022: Nifty Newsletter, 2-8 November
In this week’s newsletter, read about how trademark applications for non-fungible tokens (NFT) and the metaverse have grown in the US. Check out how NFT marketplace OpenSea has launched a tool that can enforce on-chain NFT royalties and how the Chinese city of Wuhan supported its NFT plans while still pursuing the growth of metaverse economies.
In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News which shows South Korea testing the purchase of NFTs with its central bank digital currency (CBDC).
Trademarks filed for NFTs, metaverse and cryptocurrencies rise to new levels in 2022
Data shared by trademark attorney Mike Kondoudis shows that registrations for NFT and metaverse-related trademarks in the US have grown in 2022.
For NFTs, the data shows that at the end of October 2022, 6,855 trademark applications were submitted. This shows significant growth from 2021. Last year, only 2,142 NFT-related trademark registrations were registered. On the other hand, registrations for metaverse trademarks have also increased, with 4,997 trademark applications by the end of October. This shows a significant increase in applications, as the total number of applications for metaverse in 2021 was 1,890.
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OpenSea launches on-chain tool to enforce NFT royalties
NFT marketplace OpenSea has launched a tool that enforces NFT royalties, which applies to new NFT collections. Devin Finzer, CEO of OpenSea, noted that the new tool will allow creators to get enforcement of royalties on-chain. The tool is a piece of code that allows creators to enforce royalties on new and future smart contracts for NFT collections.
In addition, the tool also allows creators to limit the sale of their NFT collections to marketplaces that support and enforce creator fees. But while OpenSea said it will support collections with an on-chain enforcement tool, it will not force new collections that do not sign up.
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Wuhan leaves NFTs out of metaverse plan amid regulatory uncertainty in China
While the Chinese government has supported metaverse efforts, its stance on NFTs has begun to become unclear. With the regulatory uncertainty surrounding Web3 in the country, the city of Wuhan has reportedly shelved its NFT plans.
While NFTs were originally included in the city’s metaverse economic development plan, a new version of the plan has deleted a line about NFTs. Despite this, the city still aims to nurture more than 200 metaverse businesses and build at least two metaverses by 2025.
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NFTs are the key to turning passive fandom into an active community
In a Cointelegraph interview, Ogden and Miana Lauren, team members of the inBetweeners NFT project, shared how NFTs can turn passive fandoms into more active communities and transform user participation.
The project’s team members shared how Miana started as a fan of the project and eventually joined the team because of the engagement opportunities provided by the NFTs. She now works as a community manager for the team and believes that NFTs have the power to be many people’s gateway to using more Web3 technologies.
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Nifty News: Royalty-enforceable NFTs are a ‘new asset class’, South Korea buys NFTs with CBDC and more
At Solana’s Breakpoint 2022 conference, Jack Lu, CEO of NFT marketplace Magic Eden, highlighted that NFTs that enforce royalties have the potential to become a new asset class. Meanwhile, South Korea’s central bank has begun testing the purchase of NFTs with CBDC.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
