Ebay files trademark applications for a variety of metaverse and NFT services

30-Jun-2022 By: Rohit Khandelwal

Ebay files trademark applications for a variety of metaverse and NFT services

Ebay, the world's largest online retailer, has submitted two trademark applications that cover a variety of goods and services related to the metaverse and non-fungible tokens (NFTs).

Mike Kondoudis, a trademark lawyer with a USPTO license, tweeted on Wednesday that "Ebay Inc. is heading to the metaverse." He claims that the documents disclose the e-commerce behemoth's objectives for NFTs, NFT trading, and NFT exchange, as well as for online stores that sell both real and virtual goods, and NFTs.

Ebay said that it had acquired NFT marketplace Knownorigin the day before it submitted the two trademark applications. Ebay claims that on June 21, the two businesses signed and finalized their agreement.

At the time, Ebay CEO Jamie Iannone said: "With this acquisition, we will remain a leading site as our community progressively adds digital treasures. Ebay is the first destination for consumers throughout the globe who are seeking for that ideal, hard-to-find, or unusual addition to their collection."

In May of last year, the e-commerce site started permitting NFT sales, claiming a "huge surge of attention" in the space.

Last month, McKinsey and Company predicted that by 2030, the metaverse might produce $5 trillion. The business stated that more than 50% of live events may take place in the metaverse by the year 2030.

Additionally, a poll taken in April revealed that the metaverse will be the most common location for cryptocurrencies, with 70% of participants believing that "advancements in cryptocurrency and blockchain technology will be important to moulding the future of the metaverse." Furthermore, Citigroup estimated that by 2030, the metaverse may offer a $13 trillion potential to its 5 billion users, compared to an $8 trillion opportunity for Goldman Sachs.

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