This year saw an influx of trademark applications filed by various companies looking to get in on the Web3 action. By November, a total number of 4999 US trademark applications had been filed for cryptocurrencies and digital related goods/services — this according to USPTO licensed trademark attorney, Mike Kondoudis.
According to the USPTO licensed trademark attorney, the future of the Web3 ecosystem looks “bright” and that “mainstream adoption is inevitable.” Learn more about the impact of Web3 trademark applications filed on the future of the Web3 ecosystem in Cointelegraph’s interview with Mike Kondoudis below.
Cointelegraph covered a wide range of trademark application stories in 2022, ranging from luxury brands such as Hermès, to car brands like Ford, all making a bid for the Web3 ecosystem. In our interview, Mike Kondoudis revealed that he was surprised by scope and mix of companies that filed trademark applications for the Web3 ecosystem.
Q: What surprised you most about filed trademark applications for the Web3 space this year? Any interesting observations from your perspective?
One of the biggest surprises is the disparate sectors represented in this year’s Web3 trademark applications. We saw filings by grocery stores, pet food brands, sports teams and leagues, cities and landmarks, casinos/gaming companies, and even game shows. This was the year that Web3 seemed to get the attention of corporate America.
Q: Were you surprised by the kind of companies that filed trademark applications for the Web3 ecosystem? Do you have any statistics on the type of companies that filed the most trademarks for the Web3 space? (- eg: was it food companies, booze companies, or car companies?)
Yes, there were some surprises this year and the wave of new Web3 trademark applications included some curious trademark applications. For example, we saw Web3 trademark filings by car rental companies. It is not entirely clear how much of a market there may be for virtual car rentals or rental car NFTs in the metaverse.
At the same time, we saw some sectors that were saturated – all of the major players filed Web3 trademark applications. Some of these sectors include fast-food, financial services, clothing/apparel, luxury goods, and footwear.
Seeing a wide range of trademark applications filed this year indicates that mainstream adoption of Web3 technology is inevitable, and also reveals that the ecosystem has potential to grow and thrive in the future. The USPTO licensed trademark attorney, shared his thoughts on what he believes the future of Web3 will look like, based on the trademark applications that have already been filed.
Q: Based on filed trademark applications for the Web3 ecosystem, what do you believe the future of Web3 (Blockchain Tech like Metaverse, Cryptocurrency, and NFTs) will look like?
I think the future is bright and that mainstream adoption is inevitable. There are definitely macroeconomic forces and regulatory challenges to overcome in the near term. But, based on the Web3 trademarking activity I’ve seen, there are many major brands that are preparing to seriously invest in Web3 because they recognize the advantages and opportunities that blockchain technologies offer. That investment should ensure continued momentum toward adoption of the Web3 ecosystem.
Q: Do you believe companies filing for trademarks in the Metaverse, Cryptocurrency, and NFTs space are playing a crucial role in the adoption of blockchain-based technologies
Yes, I believe that the companies filing new trademark applications in these spaces are essential to widespread adoption and implementation of Web3 and blockchain-based technologies. There are several technological challenges that will need to be overcome for widespread adoption of Web3 and that is going to take money and time. Today’s Web3 trademark filers represent the economic catalysts to fund the investment needed to overcome the technological challenges. And, their investment will, over time, bring the technology within reach of smaller and more modest companies.
A wide variety of companies including healthcare, insurance and alcoholic brands have all filed trademarks for NFTs, Cryptocurrency, and Metaverse-related activity. However, they may not be able to navigate the space as easily as other brands, such as clothings brands, due to regulatory hurdles they need to overcome to fully integrate with the space.
Q: Do you think companies may have to overcome and navigate regulatory challenges before being able to navigate the Web3 space?
I think that this is a sector-by-sector issue. In more heavily regulated industries like healthcare and insurance, for example, I think there will be some growing pains as companies try to comply with regulations that may not have been written with Web3 in mind. In contrast, industries with fewer regulatory burdens like apparel or luxury goods seem to have had an easier path to Web3.
Q: Are trademarks for the Web3 ecosystem…
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