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