In this article we will take a look at how interest in the Metaverse and NFTs grew between 2020 and 2023 by larger companies and emerging brands aiming to join this new industry and use these technologies for growth.
As the blockchain industry and its emerging technologies such as NFTs and the Metaverse expands, companies are looking to approach these new services and since 2020 demand has grown for trademark registrations and safeguarding ideas, names and logos in this innovative ecosystem.
One of the niches that grew the most was the Metaverse, as, since its inception, it has seen trademark applications start to be requested, and both large and medium-sized companies began to apply for patents for various projects related to this new emerging technology.
Michael Kondoudisa well-known patent and trademark attorney licensed by the USPTO (United States Patent and Trademark Office), confirmed that trademark applications related to the Metaverse and non-fungible tokens have grown exponentially in recent years.
In this article we will be reviewing how this interest in the Metaverse and NFTs has grown during 2020 and 2023. The data I gathered for this article is information from the U.S. Patent and Trademark Office or USPTO. This entity is a federal office that issues patents for various inventions, trademark registrations, logo and name patents, and copyright registrations for creative works.
Statistics regarding NFTs
According to USPTO, as of January 2023, a total of 7746 trademark applications have been received that are intended to include or relate companies to non-fungible tokens.
On the other hand, in 2021, the United States Patent and Trademark Office had received a smaller number of trademark applications. These were equivalent to a total of 2179. To understand the growth and adoption of these new technologies and services that can be provided through this industry, only 18 applications were received in 2020.
Growth of NFT trademark applications – Source: The Law Office of Michael Kondoudis
In total, there have been 6287 patent applications related to NFTs filed from January 2020 to May 2022. 1064 was the month with the highest number filed in this time span.
Growth of NFT trademark applications – Source: The Law Office of Michael Kondoudis
Metaverse Statistics
So far, the USPTO has received a total of 5850 trademark applications for the Metaverse (virtual goods and services have also been accounted for).
By 2021, the United States Patent and Trademark Office had received 1798 trademark applications.
This is another example of how interest in the Metaverse has grown, as has interest in the NFTs, with a total of 155 applications received in 2020 alone.
Growth in metaverse trademark applications – Source: Michael Kondoudis
The total number of patent applications related to the Metaverse and virtual services is 4670. They were filed between January 2020 and May 2022. The month with the highest number of patents filed was March 2022 with a total of 709.
Growth in metaverse trademark applications – Source: Michael Kondoudis
The importance of statistics
In just two years, it is clear that the number of trademark registrations by medium and large companies has increased by almost 100%. Consequently, we can deduce that there has been an interest of both companies and users in the new virtual world and digital assets or collectibles.
Many important brands, which we review every day in NFTexpress, have taken this step and are trying to ride this new wave of digital services to get ahead of their competitors and gain more users and interaction in the analog world.
Next, I will review some important cases of companies that are in the same niche and have filed trademark applications for NFTs and Metaverse over the years that I have been showing.
FASHION
Many luxury fashion brands such as: Hugo Boss, Tommy Hilfiger, Levi’s, Champion y Versacefiled trademark applications during these years to enter fully into the Metaverse and also to try to be pioneers in the world of NFTs.
These companies aim to provide different new and innovative immersive experiences to their users, as they have offered virtual goods such as clothing, footwear, beauty items, etc. In addition, they have created virtual spaces where people have the possibility to socialize and grow the community around the brand.
With the creation of NFTs, many companies also provided benefits to the owners of the digital collectibles, such as participating in virtual fashion shows. One such case was the “Metaverse Fashion Week“held in Decentraland, which featured major fashion brands such as DKNYHugo Boss, Dolce & Gabbanaamong others.
Food
The food sector in the Metaverse is evolving rapidly, as brands have been able to recognize the potential of technology. Large multinationals such as McDonald’s y Panera Breadhave applied for patents and entered the market with innovative virtual offerings.
In addition, other major food companies that filed trademark applications related exclusively to NFTs and Metaverse include:
Hootersa well-known restaurant in the United States, applied to enter the Metaverse with a virtual location of its establishment in the real world. This location aims to get users to order food and delivery services in both the virtual and real world. As a result, it will allow customers anywhere in the world to order and get exactly what they ordered at their doorstep.
Taco Bellthe U.S.-based fast food chain, filed its trademark application for its name and logo to use the virtual reality platform. The company will be able to open virtual restaurants and offer home delivery in the real world. Also, users will earn points to use for real-world purchases.
KFCthe second largest fast food chain in the United States after McDonald’s, is also working to enter the Metaverse. The company applied for its trademark to sell food and beverages online, just as it does in the IRL world.
Entertainment
In this area, companies such as Meta, Tetrismagazine, Playboy Playboy magazine, World Wrestling Entertainment (WWE), and the production company of Marcus Lemonis “Let’s Make a Deal“, filed a trademark application that will allow them to produce and sell various collectibles and artwork in the digital world.
The best known case is the firm of Mark Zuckerberg which will open a physical store called “The Meta Store“, in California and will allow people to get a preview of the new virtual reality that the Facebook founder is working on. In this store, customers will be able to try devices such as the Quest 2 virtual reality headset and Ray-Ban Stories smart glasses.
Moreover, not only companies in the entertainment industry are seeing the potential of this ecosystem, but celebrities such as David Beckham, Heidi Klum and Billie Elish are developing projects to include NFTs and the Metaverse in their personal brands. They have already filed patents to achieve this goal.
Real estate
DAMAC Group, DecentWorld y NTRY are also planning to enter the Metaverse with virtual homes and real estate.
They have already confirmed that they are working to offer homebuyers VR (virtual reality) and AR (augmented reality) experiences, giving them the opportunity to view homes through this medium, without having to travel to the physical destination.
Conclusions
Although there is still a long way to go and the future of the Metaverse and NFTs is still unknown, we cannot ignore the reality that the sector is developing more and more every day and companies are working to be part of these new technologies.
In this article, we review the statistics and learn about different examples of how well-known companies from different industries are filing for patents and trademarks to join this new innovation such as NFTs and the Metaverse.
Finally, if we go by the trend and growth of these activities from 2020 to now, it is more than certain that we will see an increase in these patent and trademark filings in the coming years.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.