Crypto proponents would be wise to keep their eyes on nonfungible token (NFT) and metaverse trademark applications this year, which are “reliable signals” of future-use plans.
Speaking to Cointelegraph, intellectual property lawyer Michael Kondoudis said while many people may think big corporations are just jumping onto the NFT trend as a novelty, “it is not possible” to register a trademark in the United States with no intention to use it.
Despite a relatively low cost for filing an application — ranging from $250 to $350 per class of goods/services — Kondoudis explained when a company submits a trademark application, it requires a sworn statement that the applicant has a “bona fide” intent to use the mark in the future for the listed products and services.
He noted, however, that these applications “undergo substantive review” and may be rejected for a number of legal and technical reasons.
2023 has already seen a string of major companies filing for NFT-related trademark applications and Kondoudis has been active on Twitter, bringing them to the public’s attention.
Trademark trends so far in 2023
Kondoudis noted “the first trend for 2023” was liquor companies filing for NFT trademark applications.
This year has already seen new filings from well-known alcohol brands such as Absolut Vodka, Chivas Regal whisky and Malibu Rum, he noted.
Irish Distillers International, makers of Jameson Irish whiskey, was the latest liquor company to file for an NFT trademark application on Jan. 18.
Irish Distillers Int’l has filed a trademark for #JAMESON #whiskey claiming plans for
Virtual clothing, footwear, alcoholic drinks
NFT trading software
Stores for virtual goods + NFTs
NFT trading marketplaces
Virtual bars + restaurants#NFTs #Metaverse #Web3 pic.twitter.com/7dhHZrXh2S— Mike Kondoudis (@KondoudisLaw) January 23, 2023
Kondoudis said 2022 saw a diverse range of sectors filing for NFT trademarks — from grocery stores, pet food brands, sports teams and leagues, cities, casinos and even game shows.
He believes the sheer number of filings confirms NFTs and the metaverse have the attention of “corporate America.”
NFT patents give companies the edge
Kondoudis is confident consumers will see companies act on their NFT patents in the future, noting:
“These trademark filings are reliable signals of future plans to use marks for the products and services listed in the applications.”
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