Despite the challenges, the ecosystem has managed to develop into a fully working system.
According to Cointelegraph, the number of businesses registering trademarks for cryptocurrencies, metaverse-related virtual products and services, and nonfungible tokens (NFTs) surged significantly in 2022.
As of the end of October 2022, the total number of trademark applications submitted for digital currencies as well as the goods and services associated with them had surpassed the entire number of applications filed in 2021, according to statistics collated by licensed trademark attorney Mike Kondoudis. (3,547), according to Cointelegraph.
Cointelegraph reports that from 1,890 in 2021 to 4,997 in 2022, trademark applications for the metaverse and its associated virtual products and services were filed. Despite the obstacles the ecosystem has had to overcome to become fully operational, this seems to show that there is a huge market for the metaverse and its associated goods.
In the past month, a number of businesses have submitted fresh trademark applications to join the Web3 ecosystem. On October 21, Ulta submitted a trademark application in connection with its intentions to offer NFTs, virtual cosmetics, and salon services.
In addition, Rolex submitted a trademark application, suggesting its intent to extend its empire through the use of NFTs, NFT-supported media, NFT markets, and cryptocurrency exchanges.
