In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies.
In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News featuring South Korea testing purchasing NFTs with it central bank digital currency (CBDC).
Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022
Data shared by trademark attorney Mike Kondoudis shows that filings for NFT and metaverse-related trademarks in the United States have grown in 2022.
For NFTs, the data shows that by the end of October 2022, 6,855 trademark applications had been filed. This shows significant growth from 2021. Last year, only 2,142 NFT-related trademark filings were recorded. On the other hand, filings for metaverse trademarks have also increased, with 4,997 trademark applications filed by the end of October. This shows a significant increase in filings, as the total number of applications for the metaverse in 2021 was 1,890.
OpenSea launches on-chain tool to enforce NFT royalties
NFT marketplace OpenSea has launched a tool that enforces NFT royalties, which applies to new NFT collections. Devin Finzer, CEO of OpenSea, noted that the new tool will let creators have on-chain enforcement of royalties. The tool is a code snippet that lets creators enforce royalties on new and future smart contracts for NFT collections.
In addition, the tool also allows creators to restrict the sales of their NFT collections to marketplaces that support and enforce creator fees. However, while OpenSea said that it will support collections with an on-chain enforcement tool, it wouldn’t force new collections that don’t opt in.
Wuhan omits NFTs from…