1 year ago
This twelvemonth saw an influx of trademark applications filed by assorted companies looking to get successful connected the Web3 action. By November, a full fig of 4999 US trademark applications had been filed for cryptocurrencies and integer related goods/services — this according to USPTO licensed trademark attorney, Mike Kondoudis.
According to the USPTO licensed trademark attorney, the aboriginal of the Web3 ecosystem looks "bright" and that "mainstream adoption is inevitable." Learn much astir the interaction of Web3 trademark applications filed connected the aboriginal of the Web3 ecosystem successful Cointelegraph’s interrogation with Mike Kondoudis below.
Cointelegraph covered a wide scope of trademark exertion stories successful 2022, ranging from luxury brands specified as Hermès, to car brands similar Ford, each making a bid for the Web3 ecosystem. In our interview, Mike Kondoudis revealed that helium was amazed by scope and premix of companies that filed trademark applications for the Web3 ecosystem.
Q: What amazed you astir astir filed trademark applications for the Web3 abstraction this year? Any absorbing observations from your perspective?
One of the biggest surprises is the disparate sectors represented successful this year’s Web3 trademark applications. We saw filings by market stores, favored nutrient brands, sports teams and leagues, cities and landmarks, casinos/gaming companies, and adjacent crippled shows. This was the twelvemonth that Web3 seemed to get the attraction of firm America.
Q: Were you amazed by the benignant of companies that filed trademark applications for the Web3 ecosystem? Do you person immoderate statistic connected the benignant of companies that filed the astir trademarks for the Web3 space? (- eg: was it nutrient companies, booze companies, oregon car companies?)
Yes, determination were immoderate surprises this twelvemonth and the question of caller Web3 trademark applications included immoderate funny trademark applications. For example, we saw Web3 trademark filings by car rental companies. It is not wholly wide however overmuch of a marketplace determination whitethorn beryllium for virtual car rentals oregon rental car NFTs successful the metaverse.
At the aforesaid time, we saw immoderate sectors that were saturated - each of the large players filed Web3 trademark applications. Some of these sectors see fast-food, fiscal services, clothing/apparel, luxury goods, and footwear.
Seeing a wide scope of trademark applications filed this year indicates that mainstream adoption of Web3 exertion is inevitable, and besides reveals that the ecosystem has imaginable to turn and thrive successful the future. The USPTO licensed trademark attorney, shared his thoughts connected what helium believes the aboriginal of Web3 volition look like, based connected the trademark applications that person already been filed.
Q: Based connected filed trademark applications for the Web3 ecosystem, what bash you judge the aboriginal of Web3 (Blockchain Tech similar Metaverse, Cryptocurrency, and NFTs) volition look like?
I deliberation the aboriginal is agleam and that mainstream adoption is inevitable. There are decidedly macroeconomic forces and regulatory challenges to flooded successful the adjacent term. But, based connected the Web3 trademarking enactment I’ve seen, determination are galore large brands that are preparing to earnestly put successful Web3 due to the fact that they admit the advantages and opportunities that blockchain technologies offer. That concern should guarantee continued momentum toward adoption of the Web3 ecosystem.
Q: Do you judge companies filing for trademarks successful the Metaverse, Cryptocurrency, and NFTs abstraction are playing a important relation successful the adoption of blockchain-based technologies
Yes, I judge that the companies filing caller trademark applications successful these spaces are indispensable to wide adoption and implementation of Web3 and blockchain-based technologies. There are respective technological challenges that volition request to beryllium flooded for wide adoption of Web3 and that is going to instrumentality wealth and time. Today’s Web3 trademark filers correspond the economical catalysts to money the concern needed to flooded the technological challenges. And, their concern will, implicit time, bring the exertion wrong scope of smaller and much humble companies.
A wide assortment of companies including healthcare, security and alcoholic brands person each filed trademarks for NFTs, Cryptocurrency, and Metaverse-related activity. However, they whitethorn not beryllium capable to navigate the abstraction arsenic easy arsenic different brands, specified arsenic clothings brands, owed to regulatory hurdles they request to flooded to afloat integrate with the space.
Q: Do you deliberation companies whitethorn person to flooded and navigate regulatory challenges earlier being capable to navigate the Web3 space?
I deliberation that this is simply a sector-by-sector issue. In much heavy regulated industries similar healthcare and insurance, for example, I deliberation determination volition beryllium immoderate increasing pains arsenic companies effort to comply with regulations that whitethorn not person been written with Web3 successful mind. In contrast, industries with less regulatory burdens similar apparel oregon luxury goods look to person had an easier way to Web3.
Q: Are trademarks for the Web3 ecosystem costly to file? How overmuch bash you believe, connected average, companies are paying to record for Web3-based trademark applications?
One of the charismatic aspects of trademarks is that they are not costly to file. Many caller Web3 trademark applications tin beryllium professionally prepared and filed for little than $2000. This makes them a comparative bargain, particularly erstwhile compared to the costs to combat a marque quality without a national trademark registration.
Q: Do you deliberation the cryptocurrency carnivore marketplace negatively impacted the fig of companies that filed for trademarks successful the Web3 ecosystem?
Yes, the difficulties successful the cryptocurrency market, coupled with concerns astir a broader economical downturn, look to person had a marked interaction connected the fig of caller Web3 trademark applications. The fig of caller trademark filings for the Web3 ecosystem has declined by astir 40% implicit the 2nd fractional of 2022.
A agelong carnivore marketplace and existent marketplace conditions exacerbated by the sudden illness of FTX person taken a toll connected the full ecosystem. Although the concern imaginable of the Web3 ecosystem inactive remains enormous, Kondoudis projected that adjacent twelvemonth whitethorn not needfully spot a maturation successful the fig of trademarks applications filed for ecosystem, owed to assorted factors specified as; a carnivore market with nary estimated extremity successful sight, and wide anticipated economical downturn.
Q: Do you expect to spot an summation successful trademark applications for the Web 3 space, filed adjacent year? Or bash you expect things to dilatory down?
We bash not expect to spot an increase. We expect to spot astir the aforesaid fig of filings.
The fig of caller Web3 trademark filings has decreased implicit the 2nd fractional of this year. This alteration appears to beryllium successful effect to concerns astir recession, different macro-economic concerns, and the cryptocurrency carnivore market. Since these concerns volition apt proceed successful 2023, we expect their effects to proceed arsenic well.
Q: Any applicable thoughts and comments astir trademarks filed for the Web3 ecosystem, arsenic good arsenic your thoughts/opinions connected Blockchain Tech, similar Metaverse, Cryptocurrency, and NFTs?
The concern imaginable of the Web3 ecosystem is significant. And, contempt existent headwinds, Web3 is going to proceed to determination toward mainstream adoption successful the adjacent fewer years. Brands volition request extortion successful this ecosystem conscionable arsenic they bash successful the “real world” today. They’ll besides request extortion arsenic they modulation and/or grow into the virtual system of Web3. That’s wherefore truthful galore companies person been filing Web3 trademark applications.
The archetypal unreserved to record Web3 trademark applications seems to person tally its course. We are present seeing the integration of Web3 products and services into mainstream trademarking strategies. Going forward, I would expect to spot NFT, Crypto, and Metaverse products and services included successful trademark applications on with accepted oregon “real world” products and services.
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