The number of non-fungible tokens (NFTs) and other blockchain-related trademark applications filed in the United States this year already exceeded last year’s total total by a ratio of 3 to 1.

In 2021, a total of 2,142 NFT-related trademarks were filed, but as of the end of September 2022, there were 6,366 such trademarks filed, a total that has already nearly tripled in 2022 compared to all of 2021, according to US Patent and Document Data Trademark Office data compiled by trademark attorney Mike Kondoudis.

March of this year saw the most NFT-related trademarks filed in the US, with 1,080 filed. Whereas, each subsequent month in 2022 saw lower filings, with a 15% decline between August and September of this year.

NFT trading volume between May and June fell 74%, previous data from The Block Research showed according to a report by Blockchain.News.

May’s trading volume was $4 billion, while June saw $1.04 billion.

The Block reported that the 74% decline to date is the largest monthly drop in NFT market trading volume; the previous minimum was 48%, which occurred between February and March of this year.

The data showed that the dominant player in the NFT market in June was OpenSea, with $696 million in total volumes for that month. It represented 67% of the total monthly volume for the month.

However, NFT-related trademark applications in March exceeded those of 2021 as a whole and despite month-on-month declines through September 2022.

Some popular companies that filed trademarks this year include McDonald’s, Crocs, CVS, and even TV personality Dr. Oz.

Although web3-related trademark applications have increased, it does not necessarily mean that these companies intend to launch such products. These trademarks are registered primarily to protect your intellectual property against misuse in virtual spaces.

The NFT sector has become popular since around 2020, during the height of the COVID turmoil, and is expected to grow further.

According to a report by Research and Markets, the ability of NFTs to authenticate intellectual property will become the key driver expected to drive the sector to a valuation of $97.6 billion by 2028.

By ensuring that intellectual property is stored on a tamper-proof blockchain, Research and Markets expects NFTs to continue to gain traction. For example, a fashion designer can embed her garment in a blockchain-powered smart contract.

Juniper Research reported that NFT transactions are expected to reach $40 million by 2027 as the metaverse trend continues to gain steam.

The study noted that a growth of 66.6% would be recorded during the forecast period. According to the report: “NFT transactions will increase from 24 million in 2022 to 40 million in 2027. This is based on our medium adoption scenario, with brands leveraging the metaverse to drive digital growth.”

For consumer-focused businesses, the research noted that NFT-based content creation would give them a competitive advantage based on the changing needs of the younger, tech-savvy demographic.

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