The Decline of Non-Fungible Tokens and Trademarks
Have you noticed the diminishing interest in non-fungible tokens (NFTs) lately? The hype surrounding the NFT market started fading between of aย yearย ago and has continued to decline everย since. As a result, the number of trademark applications for NFTs and related industries hasย decreased by a staggering 66% compared to last year.
66% Decrease in NFT Trademark Applications
Data compiled by Mike Kondoudis, an accredited intellectual property attorney, outlines that this year has seen a wholeย lotย of decrease of more than 66% in trademark applications for NFTs compared to the previous year. The negative trend in NFT trademark applications has persisted for eight months consecutively.
In 2023, the number of corporations filing trademarks for NFTs, virtual goods and services in the metaverseย network, and digitalย currencies has remained low. As of August, theย Unitedย States Patent and Trademark Office has received a meager 2,152 NFT trademark applications.
Aย yearย ago, onย theย otherย hand, the same office received around 6,164 trademark applications related to NFT assets by August. This represents a wholeย lotย of 66% fall from aย yearย ago, indicating a substantial decline in the demand for NFTs and related products in recent months.
Additionally, trademark applications for digitalย currencies, cryptocurrency, and associated products have likewise experienced a similar decline inย theย year. In August, theย Unitedย States Trademark Regulatory Office received only 1,439 trademark applications, down 66% from the previous yearโs 4,100 applications.
Reasons for the Decline
What caused this sudden decline in the non-fungible token market, which was once so trending in late 2021 and early 2022? Numerous collectors attribute the market collapse to factors such as market saturation, worldwide inflation, and NFT scams. The resulting fear, uncertainty, and doubt have deterred numerous institutions from entering the NFT space.
Regardlessย of the downturn, some organizations and notable corporations remain optimistic about NFTs. Casio, an electronics manufacturing firm, recently filed a trademark appย with theย Unitedย States Patent and Trademark Office, expressing their intent to explore new digital frontiers by launching NFTs and virtual goods in the metaverse.
Hot Take: NFTs Face a Wholeย lotย of Decline in Popularity
The decline in trademark applications for NFTs and related industries paints a clear imageย of the waning interest in this technology. Althoughย while some corporations still see probable in NFTs, the overall appetite for these assets hasย dropped significantly. It remains to be seen whether the market will experience a resurgence or if this decline is indicative of a long-term shift in the cryptocurrency landscape.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
