NFT and blockchain trademark filings in the US triple by 2022
Non-fungible tokens (NFTs) and blockchain technology are at the forefront of a trend in which large portions of the cryptocurrency market are rapidly being exploited by businesses and people wanting to engage with their audience in new ways.
According to statistics and a chart released on October 5 by trademark and patent attorney Michael Kondoudis (The Law Office of Michael E. Kondoudis), the number of NFT and blockchain-related trademarks in the United States topped 6,000 from January 1 to September 30.
“So far this year, 6,366 US trademark applications for NFTs and blockchain-related products and services have been submitted,” claimed Konduodis.
Intriguingly, the figure for the first nine months of 2021 was 2,142, about three times less than this year’s amount. For 2022, March was the busiest month, with 1,080 new NFT trademarks filed. According to the U.S. Patent and Trademark Office, there has been a progressive fall each month since then, with September marking the lowest number of applications (43%).
Notably, Finbold stated in mid-February that 1,263 NFT trademark applications were submitted in the United States in 2021, whereas just three trademark applications were filed in 2020.
According to a poll, “to earn money” is the top reason most individuals acquire NFTs. In particular, 64.3% of the 1,318 individuals questioned cited this as their primary motivation for joining the NFT bandwagon.
The interest of retail investors in NFTs continues to diminish; in particular, sales of NFTs on OpenSea, the biggest marketplace for digital collectables, plunged 60% in the third quarter of 2022 compared to the second.
Earlier in August, statistics revealed that NFT transaction activity in Q2 had already decreased by 40% due to disinterest in digital collectables.
Some members of the cryptocurrency ecosystem, such as Katie Haun, the CEO of the $1.5 billion Web3 venture capital firm Haun Ventures, are enthusiastic about the future comeback of NFTs.
According to her, the broader trend toward a digital environment would serve as the fundamental incentive for this comeback. According to her, if the infrastructure is updated to be “more efficient and user-friendly,” this change would allow numerous new use cases.