NFT-related trademarks fell for 10 straight months after March of 2022.
The highest number of trademarks filed to the United States Patent and Trademark Office (USPTO) were 1,089 in March, according to USPTO data compiled by trademark attorney Mike Kondoudis. But by December, they had fallen to 341 applications — a 69% decrease from the year's high.
Despite the steady fall in trademark applications, the number of NFT-related trademarks filed in 2022 had more than tripled those filed in 2021. Brands who filed NFT-related trademarks last year include Kanye West's Yeezus and Sony Music, the record label behind Adele and other top music artists.
Firms file trademarks for digital assets like NFTs to protect their intellectual property in virtual spaces and prevent "copy cats," The Block previously reported.
Falling trademark applications correlate to the depressed market conditions last year. Weekly trading volume for gaming and art NFTs peaked on May 1, 2022 at $1.2 billion, The Block's Data Dashboard shows.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.