Crypto trademark filings this year surpass 2021 at more than 3,600

The entire crypto landscape has struggled through most of last year and 2022. However, the industry’s expansion has not slowed in the slightest.

Recently, approximately 4,000 trademark applications related to the crypto and metaverse businesses have been filed.

Michael Kondoudis, a trademark and patent attorney, stated in recent tweets that the number of crypto-related trademarks has increased in recent months.

From January to August, 3,600 cryptocurrency trademark applications were filed, according to the tweet. This is an increase of 2.3% from the 3,516 registrations last year.

Crypto vs. NFT: Trademark Filing War

However, the crypto industry has not had the highest brand growth. According to recent tweets from Kondoudis, NFTs, or non-fungible tokens, have seen the most increase.

So far this year, more than 5,800 trademark applications for NFTs (and related goods/services) have been filed with the USPTO,” Kondoudis stated in recent tweets, adding that the total for 2021 was 2,087. This data only includes January to August.

Compared to the two values, the increase of NFT trademarks was almost 280%, which is an impressive number. Recent rise in NFT trademarks can be attributed to the industry’s lack of intellectual property protection.

U.S. Crypto trademark filings. Source: Michael Kondoudis

NFTs are considered to be the medium of the future in the art world. But if there hadn’t been so many allegations of fake or copied artwork, the market would have done better.

OpenSea tweeted on January 28 that more than 80 percent of the artwork on the site had been removed due to violations. Perhaps the number of plagiarized NFTs will decrease if this legal protection is in place.

Metaverse and Web3 trademarks are also rising

Huge increases in development are not limited to NFTs. The same applies to the Metaverse and Web3 brands, which have seen a massive increase in popularity.

There have been 4,150 applications for metaverse and Web3 since January. Compared to a total of 1,866 in 2021, this is an astounding 223% increase.

Facebook’s rebranding as Meta is largely responsible for the expansion. In general, the fascination with the metaverse has increased since then.

The industries that sit on top of the blockchain should be developed and improved in step with the technology itself. Although more needs to be done to safeguard intellectual property and investor confidence, this is a positive development.

This may seem at odds with the decentralized nature of crypto. However, cryptocurrency needs protection from fraud and other threats as interest from other sectors increases.

Crypto total market cap at $903 billion on the daily chart | Source: TradingView.com

Featured image from Enterprising Britain Awards, chart from TradingView.com