Corporate America has finally taken notice of Web3: US trademark lawyer

NFT

This 12 months noticed an inflow of trademark functions filed by numerous corporations trying to get in on the Web3 motion. By November, a complete variety of 4999 US trademark functions had been filed for cryptocurrencies and digital associated items/companies — this in accordance with USPTO licensed trademark lawyer, Mike Kondoudis.

In response to the USPTO licensed trademark lawyer, the way forward for the Web3 ecosystem seems to be vibrant and that mainstream adoption is inevitable. Be taught extra in regards to the impression of Web3 trademark functions filed on the way forward for the Web3 ecosystem in Cointelegraph’s interview with Mike Kondoudis under.

Cointelegraph coated a variety of trademark software tales in 2022, starting from luxurious manufacturers similar to Hermès, to automobile manufacturers like Ford, all making a bid for the Web3 ecosystem. In our interview, Mike Kondoudis revealed that he was shocked by scope and mixture of corporations that filed trademark functions for the Web3 ecosystem.

Q: What shocked you most about filed trademark functions for the Web3 house this 12 months? Any attention-grabbing observations out of your perspective?

One of many largest surprises is the disparate sectors represented on this 12 months’s Web3 trademark functions. We noticed filings by grocery shops, pet meals manufacturers, sports activities groups and leagues, cities and landmarks, casinos/gaming corporations, and even sport exhibits. This was the 12 months that Web3 appeared to get the eye of company America.

Q: Have been you shocked by the type of corporations that filed trademark functions for the Web3 ecosystem? Do you may have any statistics on the kind of corporations that filed essentially the most logos for the Web3 house? (- eg: was it meals corporations, booze corporations, or automobile corporations?)

Sure, there have been some surprises this 12 months and the wave of recent Web3 trademark functions included some curious trademark functions. For instance, we noticed Web3 trademark filings by automobile rental corporations. It’s not solely clear how a lot of a market there could also be for digital automobile leases or rental automobile NFTs within the metaverse.

On the identical time, we noticed some sectors that had been saturated – the entire main gamers filed Web3 trademark functions. A few of these sectors embrace fast-food, monetary companies, clothes/attire, luxurious items, and footwear.

Seeing a variety of trademark functions filed this 12 months signifies that mainstream adoption of Web3 expertise is inevitable, and likewise reveals that the ecosystem has potential to develop and thrive sooner or later. The USPTO licensed trademark lawyer, shared his ideas on what he believes the way forward for Web3 will seem like, primarily based on the trademark functions which have already been filed.

Q: Primarily based on filed trademark functions for the Web3 ecosystem, what do you consider the way forward for Web3 (Blockchain Tech like Metaverse, Cryptocurrency, and NFTs) will seem like?

I feel the long run is vibrant and that mainstream adoption is inevitable. There are undoubtedly macroeconomic forces and regulatory challenges to beat within the close to time period. However, primarily based on the Web3 trademarking exercise I’ve seen, there are various main manufacturers which are making ready to significantly spend money on Web3 as a result of they acknowledge the benefits and alternatives that blockchain applied sciences supply. That funding ought to guarantee continued momentum towards adoption of the Web3 ecosystem.

Q: Do you consider corporations submitting for logos within the Metaverse, Cryptocurrency, and NFTs house are enjoying a vital function within the adoption of blockchain-based applied sciences

Sure, I consider that the businesses submitting new trademark functions in these areas are important to widespread adoption and implementation of Web3 and blockchain-based applied sciences. There are a number of technological challenges that can have to be overcome for widespread adoption of Web3 and that’s going to take time and cash. At present’s Web3 trademark filers characterize the financial catalysts to fund the funding wanted to beat the technological challenges. And, their funding will, over time, convey the expertise inside attain of smaller and extra modest corporations.

All kinds of corporations together with healthcare, insurance coverage and alcoholic manufacturers have all filed logos for NFTs, Cryptocurrency, and Metaverse-related exercise. Nevertheless, they might not have the ability to navigate the house as simply as different manufacturers, similar to clothings manufacturers, as a consequence of regulatory hurdles they should overcome to totally combine with the house.

Q: Do you assume corporations could have to beat and navigate regulatory challenges earlier than with the ability to navigate the Web3 house?

I feel that it is a sector-by-sector concern. In additional closely regulated industries like healthcare and insurance coverage, for instance, I feel there can be some rising pains as corporations attempt to adjust to rules that won’t have been written with Web3 in thoughts. In distinction, industries with fewer regulatory burdens like attire or luxurious items appear to have had a better path to Web3.

Q: Are logos for the Web3 ecosystem costly to file? How a lot do you consider, on common, corporations are paying to file for Web3-based trademark functions?

One of many enticing points of logos is that they don’t seem to be costly to file. Many new Web3 trademark functions might be professionally ready and filed for lower than $2000. This makes them a relative discount, particularly when in comparison with the prices to combat a model dispute with out a federal trademark registration.

Q: Do you assume the cryptocurrency bear market negatively impacted the variety of corporations that filed for logos within the Web3 ecosystem?

Sure, the difficulties within the cryptocurrency market, coupled with issues a few broader financial downturn, appear to have had a marked impression on the variety of new Web3 trademark functions. The variety of new trademark filings for the Web3 ecosystem has declined by about 40% over the second half of 2022.

A protracted bear market and present market situations exacerbated by the sudden collapse of FTX have taken a toll on your entire ecosystem. Though the enterprise potential of the Web3 ecosystem nonetheless stays huge, Kondoudis projected that subsequent 12 months could not essentially see a progress within the variety of logos functions filed for ecosystem, as a consequence of numerous elements similar to; a bear market with no estimated finish in sight, and extensively anticipated financial downturn.

Q: Do you count on to see a rise in trademark functions for the Net 3 house, filed subsequent 12 months? Or do you count on issues to decelerate?

We don’t count on to see a rise. We count on to see about the identical variety of filings.

The variety of new Web3 trademark filings has decreased over the second half of this 12 months. This lower seems to be in response to issues about recession, different macro-economic issues, and the cryptocurrency bear market. Since these issues will seemingly proceed in 2023, we count on their results to proceed as properly.

Q: Any related ideas and feedback about logos filed for the Web3 ecosystem, in addition to your ideas/opinions on Blockchain Tech, like Metaverse, Cryptocurrency, and NFTs?

The enterprise potential of the Web3 ecosystem is critical. And, regardless of present headwinds, Web3 goes to proceed to maneuver towards mainstream adoption within the subsequent few years. Manufacturers will want safety on this ecosystem simply as they do within the “actual world” in the present day. They’ll additionally want safety as they transition and/or develop into the digital economic system of Web3. That’s why so many corporations have been submitting Web3 trademark functions.

The preliminary rush to file Web3 trademark functions appears to have run its course. We at the moment are seeing the mixing of Web3 services and products into mainstream trademarking methods. Going ahead, I’d count on to see NFT, Crypto, and Metaverse services and products included in trademark functions together with conventional or “actual world” services and products.