This yr noticed an inflow of trademark functions filed by numerous corporations trying to get in on the Web3 motion. By November, a complete of 4,999 trademark functions had been filed in the USA for cryptocurrencies and digital-related items and providers — in line with United States Patent and Trademark Workplace-licensed trademark lawyer Mike Kondoudis.
Kondoudis believes the way forward for the Web3 ecosystem seems “brilliant” and “mainstream adoption is inevitable.” To study extra concerning the influence of Web3 trademark functions filed on the way forward for the Web3 ecosystem, Cointelegraph interviewed Kondoudis.
Cointelegraph has coated a variety of trademark utility tales in 2022, starting from luxurious manufacturers reminiscent of Hermès to automotive manufacturers like Ford, all making a bid for the Web3 ecosystem. In our interview, Kondoudis revealed that he was shocked by the scope and mixture of corporations that havefiled trademark functions for the Web3 ecosystem.
Cointelegraph: What shocked you most about filed trademark functions for the Web3 area this yr? Any fascinating observations out of your perspective?
Mike Kondoudis: One of many greatest surprises is the disparate sectors represented on this yr’s Web3 trademark functions. We noticed filings by grocery shops, pet meals manufacturers, sports activities groups and leagues, cities and landmarks, casinos/gaming corporations, and even sport exhibits. This was the yr that Web3 appeared to get the eye of company America.
CT: Had been you shocked by the form of corporations that filed trademark functions for the Web3 ecosystem? Do you’ve gotten any statistics on the kind of corporations that filed essentially the most logos for the Web3 area? For instance, was it meals corporations, booze corporations or automotive corporations?
MK: Sure, there have been some surprises this yr, and the wave of recent Web3 trademark functions included some curious trademark functions. For instance, we noticed Web3 trademark filings by automotive rental corporations. It’s not completely clear how a lot of a market there could also be for digital automotive leases or rental automotive NFTs within the metaverse.
On the identical time, we noticed some sectors that have been saturated — all the main gamers filed Web3 trademark functions. A few of these sectors embody quick meals, monetary providers, clothes/attire, luxurious items and footwear.
Seeing the big selection of trademark functions filed this yr hints that mainstream adoption of Web3 expertise is inevitable and in addition reveals that the ecosystem has the potential to develop and thrive sooner or later.
CT: Primarily based on filed trademark functions for the Web3 ecosystem, what do you consider the way forward for Web3 (blockchain tech just like the metaverse, cryptocurrency and NFTs) will seem like?
MK: I believe the longer term is brilliant and that mainstream adoption is inevitable. There are undoubtedly macroeconomic forces and regulatory challenges to beat within the close to time period. However, primarily based on the Web3 trademarking exercise I’ve seen, there are lots of main manufacturers which are getting ready to noticeably put money into Web3 as a result of they acknowledge the benefits and alternatives that blockchain applied sciences provide. That funding ought to guarantee continued momentum towards the adoption of the Web3 ecosystem.
CT: Do you consider corporations submitting for logos within the metaverse, cryptocurrency and NFT area are taking part in an important position within the adoption of blockchain-based applied sciences?
MK: Sure, I consider that the businesses submitting new trademark functions in these areas are important to the widespread adoption and implementation of Web3 and blockchain-based applied sciences. There are a number of technological challenges that can must be overcome for the widespread adoption of Web3, and that’s going to take time and cash. Right this moment’s Web3 trademark filers symbolize the financial catalysts to fund the funding wanted to beat the technological challenges. And, their funding will, over time, convey the expertise inside attain of smaller and extra modest corporations.
All kinds of corporations — together with healthcare, insurance coverage and alcohol manufacturers — have all filed logos for NFT-, cryptocurrency- and metaverse-related exercise. Nonetheless, these given examples could not have the ability to navigate the area as simply as different manufacturers, reminiscent of clothes corporations, as a result of regulatory hurdles they should overcome to totally combine with the area.
CT: Do you assume corporations could have to beat and navigate regulatory challenges earlier than having the ability to navigate the Web3 area?
MK: I believe that it is a sector-by-sector challenge. In additional closely regulated industries like healthcare and insurance coverage, for instance, I believe there can be some rising pains as corporations attempt to adjust to rules that won’t have been written with Web3 in thoughts. In distinction, industries with fewer regulatory burdens like attire or luxurious items appear to have had a neater path to Web3.
CT: Are logos for the Web3 ecosystem costly to file? How a lot do you consider, on common, corporations are paying to file for Web3-based trademark functions?
MK: One of many engaging elements of logos is that they don’t seem to be costly to file. Many new Web3 trademark functions could be professionally ready and filed for lower than $2,000. This makes them a relative discount, particularly when in comparison with the prices of combating a model dispute with no federal trademark registration.
CT: Do you assume the cryptocurrency bear market has negatively impacted the variety of corporations that filed for logos within the Web3 ecosystem?
MK: Sure, the difficulties within the cryptocurrency market, coupled with issues a few broader financial downturn, appear to have had a marked influence on the variety of new Web3 trademark functions. The variety of new trademark filings for the Web3 ecosystem has declined by about 40% over the second half of 2022.
An extended bear market and present market circumstances exacerbated by the sudden collapse of FTX have taken a toll on the whole ecosystem. Though the enterprise potential of the Web3 ecosystem nonetheless stays monumental, Kondoudis projected that subsequent yr could not essentially see development within the variety of logos functions filed for the ecosystem, as a result of numerous components reminiscent of a bear market with no estimated finish in sight and a extensively anticipated financial downturn.
CT: Do you count on to see a rise in trademark functions for the Net 3 area filed subsequent yr? Or do you count on issues to decelerate?
MK: We don’t count on to see a rise. We count on to see about the identical variety of filings.
The variety of new Web3 trademark filings has decreased over the second half of this yr. This lower seems to be in response to issues about recession, different macroeconomic issues, and the cryptocurrency bear market. Since these issues will doubtless proceed in 2023, we count on their results to proceed as properly.
CT: Any related ideas and feedback about logos filed for the Web3 ecosystem, in addition to your ideas/opinions on blockchain tech just like the metaverse, cryptocurrency and NFTs?
MK: The enterprise potential of the Web3 ecosystem is important. And, regardless of present headwinds, Web3 goes to proceed to maneuver towards mainstream adoption within the subsequent few years. Manufacturers will want safety on this ecosystem simply as they do within the “actual world” right now. They’ll additionally want safety as they transition and/or increase into the digital financial system of Web3. That’s why so many corporations have been submitting Web3 trademark functions.
The preliminary rush to file Web3 trademark functions appears to have run its course. We are actually seeing the mixing of Web3 services into mainstream trademarking methods. Going ahead, I’d count on to see NFT, crypto and metaverse services included in trademark functions together with conventional or “actual world” services.
