Corporate America has finally noticed Web3: US Trademark Attorney

This year, a number of companies filed trademark applications seeking to participate in  Web3 activities. According to USPTO licensed trademark attorney Mike Kondoudis, in November, a total  of 4999 US trademark applications were filed for cryptocurrencies and digital goods/services. According to USPTO-licensed trademark attorneys, the future of the Web3 ecosystem looks bright and  mainstream adoption is inevitable. 

For more on the impact of Web3 trademark declarations on the future of the Web3 ecosystem, check out Cointelegraph's interview with Mike Kondoudis below. 

 Cointelegraph has covered a variety of brand app stories in 2022,  from luxury brands like Hermès to automotive brands like Ford, all bidding on the Web3 ecosystem. In our interview, Mike Kondoudis revealed that he was surprised by the breadth and mix of companies presenting a trademark in the Web3 ecosystem. 

 Q: What surprised you most about this year's trademark presentations in the Web3 space? Any interesting observations from your perspective? 

 One of the biggest surprises is the variety of sectors represented in this year's Web3 trademark applications. We've seen applications for grocery stores, pet food, sports teams and leagues, cities and attractions, casinos/gaming companies, and even video game software. This was the year  Web3 seemed to get the attention of corporate America. 

 Q: Were you surprised by the type of companies filing a trademark in the Web3 ecosystem? Do you have  statistics on the  companies that have applied for the most trademarks in the Web3 space? (- eg: was it food, alcohol or car companies?) 

 Yes, there were  surprises this year and the wave of new Web3 trademark applications included some strange ones. For example, we have seen Web3 branding applications for car rental companies. It's not entirely clear how big a market  virtual car rentals, or NFTs, might have. 

 At the same time, we have seen some sectors that have become fed up with all  the big players presenting Web3 trademark applications. Some of these sectors include fast food, financial services, clothing/apparel, luxury goods and footwear. 

 The wide variety of trademark applications presented this year shows that the spread of Web3 technology is inevitable, and also shows that the ecosystem has the potential to grow and prosper in the future. Based on the trademark applications already filed, the USPTO-licensed trademark attorney shared his thoughts on what he thinks the future of Web3 looks like. 

 Q: What do you think is the future of Web3 (Blockchain Tech like Metaverse, Cryptocurrency and NFT) based on trademarked applications in the Web3 ecosystem? 

 I believe the future is bright and main inevitable. Macroeconomic forces and regulatory challenges must be overcome in the near future. But based on the performance of the Web3 brand that I have seen, many big brands are willing to  invest heavily in Web3 because they understand the benefits and opportunities that blockchain technologies offer. This investment should provide continued momentum for adoption of the Web3 ecosystem. 

 Q: Do you believe that companies applying for trademarks in the Metaverse, cryptocurrency and NFT space will play a major role in the adoption of blockchain-based technologies? 

Widespread adoption and deployment of Web3 and blockchain-based technologies.
 Widespread adoption of Web3 requires several technological challenges  to be overcome and will take time and money. Today's Web3 brand devices are financial catalysts that  fund the investment needed to overcome technical challenges. And their investments will, over time, bring the technology within reach of smaller, modest companies. 

 Many companies including healthcare, insurance and alcohol brands have all registered trademarks for NFT, cryptocurrency and Metaverse related activities. However, they may not be able to navigate the space as easily as other brands, such as clothing brands, because they have to overcome regulatory hurdles  to fully integrate into the space. 

 Q: Do you think there are regulatory challenges that companies need to overcome and overcome before they can navigate the Web3 space? 

 I think  this is a sector specific question. I think there will be growing pains in more heavily regulated industries like healthcare and insurance, for example,  as companies try to comply with regulations that may not have been designed with Web3 in mind. In contrast, industries with less regulatory burden, such as clothing or luxury goods, seem to have had an easier path to Web3. 

 Q: Is it expensive to register trademarks in the Web3 ecosystem? On average, how much do you think companies pay to file  Web3-based trademark applications? 

 One of the most attractive aspects of trademarks is that they are not expensive to register. Many new Web3 trademark applications can be professionally prepared and filed for less than $2,000. This makes them relatively inexpensive, especially when compared to the costs incurred in trademark litigation without  federal trademark registration. 

 Q: Do you think the cryptocurrency  market has had a negative impact on the number of companies applying for trademarks in the Web3 ecosystem? 

 Yes,  difficulties in the cryptocurrency market, along with concerns about the broader economic downturn, appear to have had a significant impact on the number of new Web3 brand applications. The number of new trademark applications in the Web3 ecosystem decreased by about 40% in the second half of 2022. 

 The prolonged bear market and  the sudden collapse of FTX worsened the current market conditions for the entire ecosystem. Although the business potential of the Web3 ecosystem  remains huge, Kondoudis predicted that  the number of trademark applications filed in the ecosystem may not increase in the coming year due to several factors such as; a bear market estimated to have no  end in sight and a recession widely expected. 

 Q: Do you expect the number of Web 3 placeholder applications to  increase in  the coming year? Or  you expect things

We do not expect growth. We expect to receive approximately the same number of notifications. 

 The number of new Web3 trademark applications decreased in the second half of this year. This decline appears to be in response to recession concerns, other macroeconomic concerns, and a decline in cryptocurrencies. As these concerns are likely to continue into 2023, we expect their impact to continue as well. 

 Q: Do you have any related thoughts and comments on brands left in the Web3 Ecosystem and your thoughts/opinions on Blockchain Tech like Metaverse, Cryptocurrency and NFT? 

 The commercial potential of the Web3 ecosystem is significant. And despite the current headwinds, Web3 will continue to move toward mainstream adoption in the coming years. Brands  need protection in this ecosystem just as they do in the "real world" today. They also need protection as they move and/or expand into the Web3 virtual economy. This is why so many companies have filed Web3 trademark applications. 

 The first wave of Web3 trademark applications seems to have gone well. We are now seeing the integration of Web3 products and services into overall branding strategies. Going forward, I  expect to see NFT, Crypto and Metaverse products and services  in brand applications alongside traditional or "real" products and services.

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