6,855 trademark applications had been filed in the U.S. for non-fungible tokens (NFTs) by the end of October. That’s 4,713 more applications compared to 2021.
In 2022, business interest in crypto trademark applications in the U.S. increased substantially compared to last year, despite the ongoing market downturn. The NFT sector seemed to be the most popular in this context. Mike Kondoudis, U.S. Patent and Trademark Office (USPTO) Licensed Attorney, tweeted about it.
According to the expert, 6,855 trademark applications for NFTs and related products have been filed in the U.S. as of late October. By comparison, a total of 2,142 applications were submitted in 2021.
Likewise, interest in the Metaverse field is growing. The total number of trademark applications in this area was 4,997, up from 1,890 in 2021. The overall number of digital asset and cryptocurrency applications reached 4,708, up from 3,547 in 2021.
Therefore, the demand for trademarks in different areas of the blockchain industry rose significantly in the two months to the end of the year compared to 2021. In percentage terms, the growth was:
- 220% in the NFT sector;
- 164% in the Metaverse sector;
- 33% in the crypto and digital asset sectors.
The current decline in NFT trading volume exceeds 99% from its peak. Nevertheless, the interest in non-fungible tokens is demonstrated by the largest blockchain projects and social media. For example, Twitter management plans to implement a tool for NFT trading through the social network interface. Instagram is already testing a feature to mint and sell NFTs.
What’s more, the Japanese government voiced the intention to invest in the Web3 sector and NFT technologies in particular. That said, traders involved in non-fungible token trading have grown steadily in number. Blockchain giants create new services for NFT users to improve asset liquidity. Experts predict that the NFT market could reach nearly $100 billion in six years.
