This 12 months noticed an inflow of trademark functions filed by numerous corporations seeking 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 line with USPTO licensed trademark legal professional, Mike Kondoudis.
In keeping with the USPTO licensed trademark legal professional, the way forward for the Web3 ecosystem appears to be like shiny and that mainstream adoption is inevitable. Be taught extra in regards to the influence of Web3 trademark functions filed on the way forward for the Web3 ecosystem in Cointelegraph’s interview with Mike Kondoudis beneath.
Cointelegraph coated a variety of trademark utility tales in 2022, starting from luxurious manufacturers corresponding 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 area 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 reveals. This was the 12 months that Web3 appeared to get the eye of company America.
Q: Had been you shocked by the type of corporations that filed trademark functions for the Web3 ecosystem? Do you might have any statistics on the kind of corporations that filed probably the most logos for the Web3 area? (- 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 isn’t totally clear how a lot of a market there could also be for digital automobile leases or rental automobile NFTs within the metaverse.
On the similar time, we noticed some sectors that have been saturated – all the main gamers filed Web3 trademark functions. A few of these sectors embody 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 know-how is inevitable, and likewise reveals that the ecosystem has potential to develop and thrive sooner or later. The USPTO licensed trademark legal professional, 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 shiny 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 a lot of main manufacturers which can be making ready to noticeably put money into Web3 as a result of they acknowledge the benefits and alternatives that blockchain applied sciences provide. 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 area are enjoying an important 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 must be overcome for widespread adoption of Web3 and that’s going to take time and cash. Immediately’s Web3 trademark filers symbolize the financial catalysts to fund the funding wanted to beat the technological challenges. And, their funding will, over time, deliver the know-how 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. Nonetheless, they might not be capable to navigate the area as simply as different manufacturers, corresponding to clothings manufacturers, attributable to regulatory hurdles they should overcome to totally combine with the area.
Q: Do you assume corporations might have to beat and navigate regulatory challenges earlier than having the ability to navigate the Web3 area?
I feel that this can be a sector-by-sector challenge. In additional closely regulated industries like healthcare and insurance coverage, for instance, I feel there might be some rising pains as corporations attempt to adjust to laws that will not have been written with Web3 in thoughts. In distinction, industries with fewer regulatory burdens like attire or luxurious items appear to have had a neater 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 engaging points of logos is that they don’t seem to be costly to file. Many new Web3 trademark functions may be professionally ready and filed for lower than $2000. This makes them a relative cut price, particularly when in comparison with the prices to combat a model dispute with no 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 couple of broader financial downturn, appear to have had a marked influence 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.
An extended bear market and present market situations exacerbated by the sudden collapse of FTX have taken a toll on your complete ecosystem. Though the enterprise potential of the Web3 ecosystem nonetheless stays huge, Kondoudis projected that subsequent 12 months might not essentially see a progress within the variety of logos functions filed for ecosystem, attributable to numerous components corresponding to; a bear market with no estimated finish in sight, and extensively anticipated financial downturn.
Q: Do you anticipate to see a rise in trademark functions for the Net 3 area, filed subsequent 12 months? Or do you anticipate issues to decelerate?
We don’t anticipate to see a rise. We anticipate 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 possible proceed in 2023, we anticipate their results to proceed as nicely.
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 important. 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” at present. They’ll additionally want safety as they transition and/or develop into the digital financial 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 combination of Web3 services and products into mainstream trademarking methods. Going ahead, I’d anticipate to see NFT, Crypto, and Metaverse services and products included in trademark functions together with conventional or “actual world” services and products.