Non-fungible tokens (NFT) trademark applications in the U.S. saw an exponential increase of 400 times in the last six months.
Burgeoning NFT Branding
According to Finbold, over 1200 NFT trademark applications were filed with the United States Patent and Trademark Office (USPTO), last year. Following the increase, the registration agency received about 15 filings per day, starting January 2022.
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In January 2022 alone, there were 450 filings, making the last six months very crucial for the NFT trademark bandwagon. As NFT sales and popularity surged in recent times, there was a 552.17% increase in NFT trademark submissions between August 2021 and January 2022.
“In 2021, the highest trademark filing was recorded in December at 407, while January had zero trademarks,” the findings noted.
This is a 421-fold increase from the 2020’s filings when it received just three applications.
Some of the entities who have filed trademark applications for NFTs at the USPTO include Mattel Inc, Luka99 Inc, Entertainment Weekly, Legend Pictures LLC and Los Angeles Lightning.
How Does Trademarks Apply to NFTs?
Put simply, trademarks protect brands, including NFTs in the form of art, media, collectibles, among others.
By trademarking an NFT, no one else can use the same or similar name or logo for their NFT, which keeps them distinctive.
It is a must to get trademark protection for any brand owner who wants to protect their NFTs.
The sudden increase in trademark applications indicate NFT’s potential in the burgeoning crypto craze.
According to the Finbold report’s author Justinas Baltrusaitis, the surge is due to the NFT scene attracting “curiosity, excitement, skepticism, and enthusiasm” over the potential prospects.
“The filings point to companies and individuals’ greater need to enter the blockchain space to protect their brands, banking on the sector’s potential,” he noted.