NFT naysayers will have you believe the NFT bubble has burst. However, NFT trademark filings from top companies suggest something else. Based on the growing number of filings, it's clear "corporate America" sees potential use cases for the technology.
Thus, Michael Kondoudis, an intellectual property lawyer, suggests that you should pay attention to these trademarks as they offer clues on potential use cases for NFTs and associated technology.
Contrary to popular belief that big corporations are jumping on the NFT bandwagon as a novelty, the lawyer notes that "it is not possible" to register a trademark in the US if you don’t intend to use it. It doesn’t cost much to submit a trademark application. However, you have to provide a sworn statement that you intend to use the mark in the future for the listed products and services.
Credit: Michael Kondoudis, Esq.More Companies Are Submitting Applications For NFT Trademarks
That said, just a month into the new year, several top-notch companies have submitted NFT trademark applications. Kondoudis has been keen to bring these to the public's attention. So far, many well-known brands have filled out applications. These include Absolute Vodka, Nike, and Yves Saint Laurent. And the latest is Irish Distiller International, the company behind Jameson whiskey.
As recently reported, Irish Distillers plan to use NFTs for virtual clothing, footwear, and alcoholic drinks. Also, they need a trademark for NFT trading software, trading marketplaces, virtual bars and restaurants.
This is quite interesting as it signifies positioning as the metaverse takes shape. When you register a trademark in the US, you must use it for the specified products and services, or you can also license it out.
Kondoudis told Coin Telegraph, "These trademark filings are reliable signals of future plans to use marks for the products and services listed in the applications."
If this pace continues, this year could surpass last year for the number of NFT-related patents filed. In 2022, there were over 7700 NFT applications filed.
