This yr now we have been inundated with trademark filings from varied corporations trying to be part of the Web3 effort. By November, a complete of 4,999 US trademark functions had been filed for cryptocurrency and digital-related items/companies.
In line with a USPTO-licensed trademark legal professional, the long run appears to be like “shiny” for the Web3 ecosystem and “mainstream adoption is inevitable.” Be taught in regards to the influence of his Web3 trademark utility filed on the way forward for the Web3 ecosystem in Cointelegraph’s interview with Mike Kondodis beneath.
Cointelegraph has coated a variety of trademark submitting tales, from luxurious manufacturers resembling Hermès to automotive manufacturers resembling Ford, all bidding for the Web3 ecosystem in 2022. In an interview, Mike Kondoudis revealed that he was stunned by the vary and mixture of corporations submitting trademark functions for the Web3 ecosystem.
Q: What stunned you most in regards to the Web3 trademark filings this yr? Any attention-grabbing observations out of your perspective?
One of many largest surprises is the number of fields represented by this yr’s Web3 trademark filings. We additionally noticed submissions from grocery shops, pet meals manufacturers, sports activities groups and leagues, cities and landmarks, on line casino/recreation corporations, and even recreation reveals. This was the yr Web3 appeared to be a focus for company America.
Q: Had been you stunned by the forms of corporations that filed trademark functions for the Web3 ecosystem? Are there statistics on the forms of corporations that filed probably the most logos within the Web3 area? Was it an organization?)
Sure, there have been some surprises this yr, and the wave of recent Web3 trademark filings included some attention-grabbing trademark filings. For instance, we noticed a trademark utility for Web3 by a automotive rental firm. It is not solely clear what the market is for digital automotive rental or Metaverse automotive rental NFTs.
On the identical time, saturation was noticed in some areas. All main corporations have filed his Web3 trademark functions. These sectors embody quick meals, monetary companies, clothes/attire, luxurious items, and footwear.
The big selection of trademark functions filed this yr reveals the inevitable mainstream adoption of Web3 applied sciences, and in addition reveals the potential for the ecosystem to develop and thrive sooner or later. The USPTO-licensed trademark attorneys shared their ideas on what they assume the way forward for Web3 may seem like, based mostly on already-filed trademark functions.
Q: Primarily based on the Web3 Ecosystem’s pending trademark functions, what do you see as the way forward for Web3 (Metaverse, cryptocurrencies, blockchain applied sciences resembling NFTs)?
The long run is shiny and I feel mainstream adoption is inevitable. There are undoubtedly macroeconomic drivers and regulatory challenges that should be overcome within the close to time period. However based mostly on the Web3 trademark exercise I’ve seen, there are a variety of main manufacturers getting ready to significantly put money into Web3. They acknowledge the advantages and alternatives that blockchain expertise provides. This funding ought to guarantee continued momentum in the direction of adoption of the Web3 ecosystem.
Q: Do you imagine that corporations submitting logos within the metaverse, cryptocurrencies, and NFTs are taking part in an vital position within the adoption of blockchain-based expertise?
Sure, I imagine corporations submitting new trademark functions in these areas are important to the widespread adoption and implementation of Web3 and blockchain-based applied sciences. There are some technical challenges that should be overcome earlier than Web3 may be broadly adopted, and that can price time and money. Her Web3 trademark submitting at this time represents an financial catalyst to fund the investments wanted to beat technological challenges. And their investments will, over time, convey the expertise inside the attain of smaller, extra modest corporations.
Firms as numerous as healthcare, insurance coverage, and alcohol manufacturers have all filed for logos for NFTs, cryptocurrencies, and metaverse-related actions. Nevertheless, regulatory hurdles should be overcome to completely combine with the area, so it is probably not as straightforward to navigate the area as different manufacturers, resembling clothes manufacturers.
Q: Do you assume companies have to navigate by regulatory challenges earlier than navigating the Web3 area?
I feel it is a sectoral situation. For instance, in additional extremely regulated industries resembling healthcare and insurance coverage, I feel there might be some ache as corporations attempt to adjust to rules that will not have been written with Web3 in thoughts. In distinction, industries with much less regulatory burden, resembling attire and luxurious items, appear to have had a neater transition to Web3.
Q: Are Web3 ecosystem logos costly to file? How a lot do you assume corporations pay on common for Web3-based trademark filings?
One of many engaging facets of logos is that submitting is free. Many new Web3 trademark functions may be professionally ready and filed for lower than $2000. This makes them a relative discount, particularly when in comparison with the price of preventing model disputes with out federal trademark registration.
Q: Do you assume the cryptocurrency bear market has had a detrimental influence on the variety of corporations submitting logos within the Web3 ecosystem?
Sure, difficulties within the cryptocurrency market, mixed with considerations a couple of broader recession, seem to have had a noticeable influence on the variety of new Web3 trademark filings. The variety of new trademark filings within the Web3 ecosystem has decreased by roughly 40% within the second half of 2022.
The extended bear market and present market situations, exacerbated by FTX’s sudden collapse, are hitting the whole ecosystem. Whereas the enterprise potential of the Web3 ecosystem continues to be large, Kondoudis mentioned the variety of trademark functions filed within the ecosystem could not essentially improve subsequent yr on account of varied elements, together with: I’m predicting. An anticipated endless bear market and a broadly anticipated recession.
Q: Do you anticipate extra trademark functions within the Internet 3 discipline to be filed subsequent yr, or do you assume issues will decelerate?
No improve is predicted. An identical variety of functions is predicted.
Within the second half of the yr, the variety of new trademark filings for Web3 decreased. The decline seems to be in response to the recession, different macroeconomic considerations, and fears of a crypto bear market. These considerations are prone to proceed for him in 2023, so anticipate that influence to proceed.
Q: Do you will have any related ideas or feedback on logos submitted to the Web3 ecosystem and Blockchain Tech resembling Metaverse, Cryptocurrency and NFTs?
The enterprise potential of the Web3 ecosystem is big. And regardless of the present headwinds, Web3 will proceed to maneuver towards mainstream adoption within the years to come back. Manufacturers want safety on this ecosystem simply as they do within the “actual world” at this time. You additionally want safety as you migrate and/or develop into the Web3 digital financial system. So many corporations have filed trademark functions for Web3.
The preliminary rush to Web3 trademark submitting appears to have run its course. Now we see the combination of his Web3 services and products into mainstream trademark methods. Going ahead, it’s anticipated that NFT, Crypto, and Metaverse services and products might be included in trademark functions together with conventional or “actual world” services and products.
