According to reports, there was a monumental surge in the number of non-fungible token (NFT) trademark applications in the US throughout 2021. Data analytics platform Finbold, put that number at 1,263 for 2021, which represented an impressive 421 times more than the three filings from 2020. Furthermore, for 2021, the month of December registered the highest trademark filings with 407, while January had none.
The pace at which the filings grew last year hit full stride in six months, with a 552.17% surge between August 2021 and January 2022. Within that window, January 2022 saw 450 filings received by the United States Patent and Trademark Office (USPTO). Put in perspective, this figure translates to an average of about 15 filings per day.
The NFT scene is raving hot at the moment and generating a mixed bag of emotions – including excitement, curiosity, skepticism, and enthusiasm. Several business ventures have emerged from the mania, with more set to follow as everyone from celebrities to mainstream brands look to cash in.
In addition, another factor necessitating this filing trend is the need by brands to root out fake duplicates. For instance, leading NFT marketplace OpenSea revealed that there were several plagiarized versions of many minted collectibles on its platform. Furthermore, the world’s largest NFT marketplace also added that there were also fake collections of these digital assets, as well as spam.
Image Credits: Pixabay
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