Competition Heats up as Car Makers, Fashion Giants, and Pet Food Brands Target Web3 Trademarks
- Competition is intensifying as car manufacturers, fashion powerhouses, and pet food companies vie for the coveted Web3 trademark
- The rise of blockchain technology and non-fungible tokens (NFTs), many companies are looking to secure their place in the new decentralized web
- The Web3 space continues to evolve and mature, So the demand for the Web3 trademark continues to grow, companies are increasingly vying for the opportunity to secure the rights to this valuable asset
Web3 trademarks attract competition from diverse industries
In recent news, competition in the Web3 space has intensified as major players from the automotive, fashion, and pet food industries vie for ownership of Web3 trademarks. With the rise of blockchain technology and non-fungible tokens (NFTs), many companies are looking to secure their place in the new decentralized web.
Leading car makers such as Tesla, Ford, and General Motors have all filed trademark applications for Web3-related terms, including "Web3Cars," "Web3Drive," and "Web3Auto." These companies see Web3 as the future of transportation and are keen to establish themselves as leaders in the space.
The first two months of 2023 have not witnessed a decrease in trademark filings, with recent filings encompassing automotive, apparel, and fast-moving consumer goods industries. This trend indicates that businesses are continuing to invest in protecting their intellectual property, even amidst the current economic climate.
Despite a broader downturn in related markets, multinational corporations have not slowed down on their trademark applications covering Web3, crypto, non-fungible tokens (NFTs), and the Metaverse. February, now coming to a close, has seen the likes of General Motors, Lacoste, and Walmart making their mark with Web3-related trademark applications. January was even more active.
One of the most recent NFT-related filings involved automotive giant General Motors, which filed for two new trademark applications on February 16th covering its Chevrolet and Cadillac brands.
The filing indicated that the firm is interested in downloadable digital media files containing collectable artwork, text, audio, and video, authenticated as non-fungible tokens (NFTs). This is just one example of the many multinational corporations that are taking advantage of the opportunities presented by Web3, crypto, NFTs, and the Metaverse, despite the broader downturn in related markets.
On February 17th, French clothing giant Lacoste filed five trademark applications for “CHAMPS-ELYSEES”, detailing plans for NFTs, crypto transaction software, virtual clothing, stores for virtual goods, and virtual real estate services.
This followed Walmart's filing of trademark applications for the “SamsClub” name and logo, which included plans for NFTs, blockchain software, virtual reality healthcare, cryptocurrency trading, brokerage, and financial services.
Numerous companies, including the pet food manufacturer Pedigree, the insurance provider Nationwide, the Irish distiller Jameson, the French fashion tycoon Yves Saint-Laurent, and even the National Geographic Society, filed trademark applications in January for Web3, NFT, Metaverse, and crypto-related services.
Trademark applications are reportedly "reliable signals of future plans to use marks for the goods and services listed in the applications," according to USPTO-licensed trademark attorney Mike Kondoudis, who made this statement last month.
Despite the bear market, Kondoudis noted that there were record numbers of trademark applications for NFTs, Metaverse, and crypto-related patents in 2022.
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