Data study shows that fewer individuals, companies, and organizations were motivated to invest in the developing metaverse and non-fungible token industries in the first quarter of 2023 compared to 2022. Applications for trademarks have decreased by more than 40% since last year.
Metaverse and NFT Patents Will Expire in 2023
Only 835 NFT trademark applications have been submitted to the USPTO in the first quarter of 2023, compared to 2,530 in 2022, according to data compiled by intellectual property lawyer Mike Kondoudis on Wednesday.
The number of investors and institutions who submitted trademark applications for the term « metaverse » to UPSTO within the same time period also fell noticeably, from 1,819 trademark applications in March 2023 to only 835.
A quick examination shows that the number of non-fungible token trademark applications in 2023 has decreased by more than 66%, while the number of metaverse trademark applications has decreased by more than 45% during the first quarter of 2017.
In 2023, NFT and Metaverse Patents
The current regulatory pressure, hyperinflation, and market resistance have caused the cryptocurrency market to temporarily wane, but the non-fungible token and metaverse marketplaces are still gaining popularity among influential people, organizations, and corporations.
The retail behemoth Walmart earlier this week submitted a number of trademark applications to the USPTO for its retail firm brand name « Sam’s Club. » The massive retail industry intends to introduce virtual goods, such as metaverse games, virtual apparel, and more.
In order to penetrate the non-fungible token and metaverse areas, Wrigley, a well-known global chewing gum manufacturer, submitted a trademark application for « Juicyverse » on March 24. It displayed ideas for releasing pictures of artwork, confections, and sweet treats that were NFT-authenticated.
Other well-known individuals and organizations that have expressed a desire to invest in the NFT and metaverse include Sony, which last month filed new trademark applications to investigate NFT games on its PlayStation, and NBA Legend Magic Johnson, who recently filed patents to introduce NFTs.
