The desire for non-fungible tokens as a technology has fallen in recent months. The NFT market began losing hype mid-last year and has deteriorated for several months. As a result, the Trademark applications for NFTs and related sectors are down 66% from last year.
NFT Trademark Fillings Down 66% From 2022
Data compiled by Mike Kondoudis, an accredited intellectual property attorney, indicates that the number of trademark applications for NFTs has decreased more than 66% this year from the past year. This is the eighth month for NFT trademark applications to record negative growth.
The number of companies that have filed trademarks for non-fungible tokens, metaverse-related virtual goods and services, and cryptocurrencies has remained down in 2023. As of August, the United States Patent and Trademark Office has received just 2,152 NFT trademark applications.
By comparison, the United States Patents and Trademark Office received about 6,164 trademark applications related to NFTs assets as of August of 2022. This massive discrepancy represents a 66% drop from last year. This figure suggests a massive appetite for NFT and related products has dropped in recent months.
In related reports, the number of trademark applications filed for digital currencies, “crypto,” and their associated products have also decreased this year compared to last year. The United States Trademark Regulatory Office received 1,439 trademark applications in August. This figure is also down 66% from last year when the office received 4,100 trademark applications.
What Went Wrong?
The non-fungible token market, which used to attract the masses in late 2021 and early 2022, has suffered a brutal comedown in recent months. The NFT market started plummeting last year, with many collectors citing market saturation, global inflation, and NFT scams for the current market crash. The fear, uncertainty, and doubt have deterred many institutions from joining the NFT space.
Despite the recent market downturn, some organizations and notable companies are still bullish on NFTs. Earlier this month, the electronics manufacturing firm Casio unveiled plans to explore new digital frontiers by filing a trademark application with the United States Patent and Trademark Office. The tech firm plans to launch NFTs and virtual goods in the metaverse.
The company has filed a trademark application covering:
— Mike Kondoudis (@KondoudisLaw) August 28, 2023
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