The will for non-fungible tokens as a expertise has fallen in current months. The NFT market started dropping hype mid-last yr and has deteriorated for a number of months. Consequently, the Trademark purposes for NFTs and associated sectors are down 66% from final yr.
NFT Trademark Fillings Down 66% From 2022
Information compiled by Mike Kondoudis, an accredited mental property legal professional, signifies that the variety of trademark purposes for NFTs has decreased greater than 66% this yr from the previous yr. That is the eighth month for NFT trademark purposes to file detrimental development.
The variety of firms which have filed emblems for non-fungible tokens, metaverse-related digital items and providers, and cryptocurrencies has remained down in 2023. As of August, the USA Patent and Trademark Workplace has obtained simply 2,152 NFT trademark purposes.
By comparability, the USA Patents and Trademark Workplace obtained about 6,164 trademark purposes associated to NFTs belongings as of August of 2022. This large discrepancy represents a 66% drop from final yr. This determine suggests a large urge for food for NFT and associated merchandise has dropped in current months.
In associated studies, the variety of trademark purposes filed for digital currencies, “crypto,” and their related merchandise have additionally decreased this yr in comparison with final yr. The USA Trademark Regulatory Workplace obtained 1,439 trademark purposes in August. This determine can be down 66% from final yr when the workplace obtained 4,100 trademark purposes.
What Went Mistaken?
The non-fungible token market, which used to draw the plenty in late 2021 and early 2022, has suffered a brutal comedown in current months. The NFT market began plummeting final yr, with many collectors citing market saturation, international inflation, and NFT scams for the present market crash. The concern, uncertainty, and doubt have deterred many establishments from becoming a member of the NFT area.
Regardless of the current market downturn, some organizations and notable firms are nonetheless bullish on NFTs. Earlier this month, the electronics manufacturing agency Casio unveiled plans to discover new digital frontiers by submitting a trademark utility with the USA Patent and Trademark Workplace. The tech agency plans to launch NFTs and digital items within the metaverse.
The corporate has filed a trademark utility masking:
— Mike Kondoudis (@KondoudisLaw) August 28, 2023
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