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Web3 – American Trademark Attorney – has finally been noticed by Corporate America

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This year has seen an influx of trademark applications from many companies looking to get involved in the Web3 action. By November, a total of 4,999 trademark applications had been filed in the United States for cryptocurrency and digital goods and services — according to USPTO-licensed trademark attorney Mike Kondodis.

Kondoudis believes that the future of the Web3 ecosystem looks “bright” and that “mainstream adoption is inevitable.” To learn more about the impact of filed Web3 trademark applications on the future of the Web3 ecosystem, Cointelegraph interviewed Kondoudis.

Cointelegraph covered a wide range of trademark application stories in 2022, starting with Luxury brands such as Hermès for car brands such as stronghold, all of which provide a view of the Web3 ecosystem. Kondoudis revealed in our interview that he was surprised by the range and mix of companies that delivered branding applications to the Web3 ecosystem.

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Cointelegraph: What surprised you the most about trademark applications filed for the Web3 space this year? Any interesting notes from your point of view?

Mike Kondodis: One of the biggest surprises is the disparate segments represented in this year’s Web3 brand applications. We’ve seen submissions from grocery stores, pet food brands, sports teams and leagues, cities, landmarks, casinos/gaming companies, and even game shows. This was the year Web3 seemed to catch the attention of corporate America.

CT: Were you surprised by the type of companies that have filed trademark applications for the Web3 ecosystem? Do you have any stats on what kind of companies have registered the most trademarks in the Web3 space? For example, were they food companies, liquor companies, or car companies?

Knesset member: Yes, there were some surprises this year, and Web3’s wave of new brand applications included some strange brand applications. For example, we’ve seen Web3 trademark filings by car rental companies. It’s not entirely clear how much of a market there might be for virtual car rentals or car rental NFTs in the metaverse.

At the same time, we’ve seen some saturated segments — all of the major players have filed Web3 applications for trademarks. Some of these sectors include fast food, financial services, apparel/apparel, luxury goods, and footwear.

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See a wide range of Trademark applications were filed this year It hints that mainstream adoption of Web3 technology is inevitable and also reveals that the ecosystem has the potential to grow and thrive in the future.

CT: Based on the trademark applications filed for the Web3 ecosystem, what do you think the future of Web3 (blockchain technology such as the metaverse, cryptocurrency, and NFTs) will look like?

Knesset member: I believe the future is bright and mainstream adoption is inevitable. There are certainly macroeconomic forces and regulatory challenges to overcome in the near term. But based on the Web3 branding activity that I’ve seen, there are many big brands that are preparing to invest seriously in Web3 as they recognize the benefits and opportunities that blockchain technologies present. This investment should ensure the continued momentum towards adoption of the Web3 ecosystem.

CT: Do you think companies that file trademarks in the metaverse, cryptocurrency, and NFT space play an important role in adopting blockchain-based technologies?

Knesset member: Yes, I believe that companies filing new trademark applications in these spaces are essential to the widespread adoption and implementation of Web3 and blockchain technologies. There are many technological challenges that need to be overcome for Web3 to be widely adopted, and it will take money and time. Today’s Web3 Brand Preservation Program represents the economic incentives to finance the investment needed to overcome technological challenges. And their investment will, over time, make the technology more affordable for smaller and more modest companies.

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A variety of companies — including healthcare, insurance, and alcohol brands — have all filed for NFT, cryptocurrency, and metaverse-related activity. However, those examples presented may not be able to navigate the space as easily as other brands, such as apparel companies, due to the organizational hurdles they have to overcome to fully integrate with the space.

CT: Do you think companies may have to overcome and navigate organizational challenges before they can navigate the Web3 space?

Knesset member: I think this is a sector-by-sector issue. In more regulated industries like healthcare and insurance, for example, I think there will be some increasing difficulties as companies try to comply with regulations that may not have been written with Web3 in mind. In contrast, industries with less regulatory burdens such as apparel or luxury goods seemed to have an easier path to Web3 access.

CT: Are Web3 ecosystem brands expensive to file? How much do you think, on average, companies pay to file for Web3-based trademark applications?

Knesset member: One of the attractive aspects of branding is that they are not expensive to deliver. Many brand new Web3 applications can be professionally prepared and delivered for less than $2,000. This makes it a relative bargain, especially when compared to the costs of fighting a trademark dispute without registering a federal trademark.

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CT: Do you think the cryptocurrency bear market has negatively affected the number of companies that have filed for trademarks in the Web3 ecosystem?

Knesset member: Yes, it appears that the difficulties in the cryptocurrency market, along with concerns about the broader economic downturn, have had a noticeable impact on the number of brand new applications for Web3. The number of new trademark filings to the Web3 ecosystem decreased by about 40% during the second half of 2022.

A prolonged bear market and the current market conditions exacerbated by The sudden collapse of FTX It affected the entire ecosystem. Although the commercial potential of the Web3 ecosystem remains enormous, Kondoudis predicted that the next year may not necessarily see a growth in the number of trademark applications filed for the ecosystem, due to various factors such as bear market With no discretionary end in sight and a widely anticipated economic downturn.

CT: Do you expect to see an increase in web3 space trademark applications filed in the next year? Or do you expect things to slow down?

Knesset member: We don’t expect to see an increase. We expect to see the same number of deposits.

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The number of new Web3 trademark filings decreased during the second half of this year. This drop appears to be in response to concerns about a recession, other macroeconomic concerns, and the cryptocurrency bear market. Since these concerns will likely persist into 2023, we expect their effects to persist as well.

CT: Any relevant thoughts and comments on brands submitted to the Web3 ecosystem, as well as your thoughts/opinions on blockchain technology such as the metaverse, cryptocurrency, and NFTs?

Knesset member: The commercial potential of the Web3 ecosystem is great. And despite the current headwinds, Web3 will continue to move toward mainstream adoption in the next few years. Brands will need to be protected in this ecosystem just as they are in the “real world” today. They will also need protection as they transition and/or expand into the Web3 virtual economy. This is why many companies have filed Web3 trademark applications.

The initial rush of Web3 trademark filings appears to be over. We are now seeing Web3 products and services being integrated into mainstream branding strategies. Going forward, I expect to see NFT, crypto, and metaverse products and services included in brand applications alongside traditional or “real” products and services.