Search Inside Bitcoins

Trademark Applications For Metaverse & NFTs Drop Over 45% In Q1 2023 – Report

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.


Join Our Telegram channel to stay up to date on breaking news coverage

Data analysis confirms that the number of investors, businesses, and institutions spurring to invest in the nascent metaverse and non-fungible token sectors has dropped in the first quarter of 2023 compared to 2022. Trademark applications are down more than 40% from last year.

Metaverse & NFT Patents Drop In 2023

Based on data compiled by intellectual property lawyer Mike Kondoudis on Wednesday, individuals and businesses have filed only 835 NFT trademark applications with the United States Patent and Trademark Office in the first quarter of 2023, compared to 2,530 in 2022.

During the same period, the number of investors and institutions, which filed trademark applications related to metaverse with UPSTO, has also significantly reduced, dropping from 1,819 trademark applications to just 835 as of March 2023.

According to a short analysis, the number of non-fungible token trademark applications in 2023 is down more than 66%, while the number of metaverse trademark applications is down over 45% compared to the first quarter of last year.

NFT And Metaverse Patents In 2023

Even though the crypto market has slightly faded following the recent regulatory pressure, hyperinflation and market resistance, the non-fungible token and metaverse markets continue gaining traction among notable individuals, businesses and institutions.

Earlier this week, the retail giant Walmart filed several trademark applications with United States Patents and Trademark Office for its retail company brand name “Sam’s Club.” The giant retail market plans to launch virtual products, including metaverse games, virtual clothing and more.

On March 24, the popular multinational chewing gum production company, Wrigley, filed a trademark application for “Juicyverse” as part of its preparation to enter the non-fungible token and metaverse spaces. It showcased plans to launch images of artwork, confectionery, and candy snacks authenticated by NFTs.

Other notable persons and firms that have showcased intentions to invest in the NFT and metaverse include Sony, which filed new trademark applications last month to explore NFT games on its PlayStation and the NBA Legend Magic Johnson, who also recently filed patents to launch NFTs.

Related NFT News

Join Our Telegram channel to stay up to date on breaking news coverage

Read next