German Chemical Giant BASF Files Trademark Application To Launch NFTs

Updated: 20 April 2023

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BASF, the world’s largest chemical company, has showcased intentions to join the nascent crypto sector after filling a non-fungible token trademark application with USPTO. The chemical firm plans to launch non-fungible token collections with its popular brand.

Chemical Giant BASF Files NFT Patent

In an April 18 blog post, Mike Kondoudis, an accredited intellectual property attorney, confirmed that the chemical company filed a trademark application with the United States Patent and Trademark Office related to NFTs on April 13, 2023.

BASF has filed an NFT trademark application. The app was submitted to the USPTO on April 13 and claims an intent to offer branded NFTs.#trademark #NFT #NFTs #MetaverseNFT #Web3 #web3community #BASF #USPTO #blockchain pic.twitter.com/TOKzK69lWS

— Mike Kondoudis (@KondoudisLaw) April 18, 2023

BASF, an acronym for its original name Badische Anilin und Sodafabrik, is a multinational company and the largest chemical producer in the world based in German. BASF is renowned for producing various chemicals, such as solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals, and inorganic chemicals.

According to data submitted, the German chemical firm claimed plans to offer downloadable digital files authenticated by non-fungible tokens. The trademark application coincides with a recent interest spike in NFTs, unique digital assets validated using blockchain technology.

The NFT Market Health

BASF’s decision to file a trademark application suggests that the non-fungible token market has begun surging after suffering a brutal downturn in the past several months. The flagship crypto “Bitcoin (BTC)” has also reflected an upside trend after soaring above $30,000 last week for the first time in over ten months.

In the past 24 hours, Wrapped CryptoPunks has recorded a sales volume of 3,416 ETH, leading the top-selling NFT lists in daily trading volume. The NFT collection has a market capitalization of $114 million and a floor price of $146,150.

Bored Ape Yacht Club, an NFT collection from digital asset firm Yuga Labs, has followed closely, recording a sales volume of 2,366 ETH in the past 24 hours. The popular NFT collection has a market capitalization of $1.2 billion and a floor price of $101,913.

Mutant Ape Yacht Club, another NFT collection from Yuga Labs, takes third after amassing 2,146 ETH in the past 24 hours. It has a market cap of $428 million and a floor price of $21,990.The NFT market appears bullish despite facing some light resistance.