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Trademark Application for Cryptocurrency, NFT and Metaverse Surge in 2022

07-Sep-2022 By: Rohit Tripathi
Trademark Applicatio

As the cryptocurrency industry grows, so does one important component of it that is increasingly being used by businesses and individuals seeking new methods to engage with their customers.

As per data published on September 6 by trademark and patent attorney Michael Kondoudis (The Law Office of Michael E. Kondoudis), the number of cryptocurrency-related trademarks in the United States has topped 3,600 between January 1 and August 31, 2022.

Interestingly, the total number of crypto trademark submissions for the entire year 2021 was 3,516, which is much fewer than the actual number of patents filed with the US Patent and Trademark Office (USPTO) so far this year, which is 3,899. Given that the data is available till the end of August. More applications are likely to be submitted during the next four months.

New US Crypto Trademark Applications

After peaking in March with 604 new trademark applications, the number of new trademark applications in the United States has been declining steadily month after month in accordance with the cryptocurrency market, concluding in August with 329 applications.

Metaverse and NFT trademark filings

Elsewhere, non-fungible tokens (NFTs) are also increasingly being used by organizations and individuals who want to reach out to clients while also aiming to benefit from the value provided by digital artworks. Although NFTs are still in their infancy, most organizations are emphasizing trademarks as a measure of product protection.

So far in 2022, over 5,800 trademark applications for NFTs (and associated goods/services) have been submitted to the USPTO. Similar to crypto-related trademarks, the highest number of new applications were made in March 1,078, and they likewise followed a falling progressive pattern.

New NFT Trademark Applications

However, the overall number in 2021 was 2,087, indicating that this year's total is significantly higher. Several factors, including the surge in bogus duplication, have compelled the necessity to register trademarks. For example, OpenSean, an NFT marketplace, observed that many of the minted items on the platforms were copied works, counterfeit collections, or spam.

Lastly, about 4,150 US trademark applications for metaverse, virtual reality, and Web3 were filed in 2022. The total is more than triple the 1,866 filed in 2021.

New Metaverse Trademark Applications

After Facebook renamed itself, Meta, in Oct. 2021 there has been a significant spike in investing in metaverse land.

As the metaverse becomes a more realistic and vivid reality, a growing number of people will be interested in engaging in its social ecology. This tendency is expected to have a big impact on the metaverse real estate investment market.

Read also: Brazilian Tax Authority Records Highest Cryptocurrency Statements

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