Analysis Shows a 66% Decrease in Crypto and NFT Trademark Applications Compared to 2022

Analysis Shows a 66% Decrease in Crypto and NFT Trademark Applications Compared to 2022

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 a year ago and has continued to decline ever since. As a result, the number of trademark applications for NFTs and related industries has 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 whole lot 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 metaverse network, and digital currencies has remained low. As of August, the  United States Patent and Trademark Office has received a meager 2,152 NFT trademark applications.

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A year ago, on the other hand, the same office received around 6,164 trademark applications related to NFT assets by August. This represents a whole lot of 66% fall from a year ago, indicating a substantial decline in the demand for NFTs and related products in recent months.

Additionally, trademark applications for digital currencies, cryptocurrency, and associated products have likewise experienced a similar decline in the year. In August, the  United States Trademark Regulatory Office received only 1,439 trademark applications, down 66% from the previous year’s 4,100 applications.

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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.

Regardless of the downturn, some organizations and notable corporations remain optimistic about NFTs. Casio, an electronics manufacturing firm, recently filed a trademark app  with the  United States Patent and Trademark Office, expressing their intent to explore new digital frontiers by launching NFTs and virtual goods in the metaverse.

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Hot Take: NFTs Face a Whole lot of Decline in Popularity

The decline in trademark applications for NFTs and related industries paints a clear image of the waning interest in this technology. Although while some corporations still see probable in NFTs, the overall appetite for these assets has 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.

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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.

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