NFT creators are starting to trademark words and phrases associated with their brands. This could be a problem for you if you’re not doing the same. Here’s what you need to do to protect your brand from being stolen by NFT creators.
THE NFT TRADEMARK WORLD
NFTs are one of the most exciting and lucrative developments in technology. Do you know what they are and how to get involved?
The dangerous truth is an impending disaster to your brand is just around the corner. If you don’t realize the risks, and want to protect yourself before it’s too late, then keep reading!
In this blog post, I’ll even give you the super ninja action you can take today to protect your brand in the Metaverse.
WHAT IS AN NFT AND WHY DO I CARE?
NFTs are unique digital assets which are stored on a digital record called a blockchain. NFTs are associated with items such as digital images, photos, videos, or audio. Merely by virtue of being scarce, these items have become incredibly valuable! Moreover, there’s only ever going to be one existent token at any given time.
The first NFT was created in 2014. Popularity and demand has increased to the point that it’s now a multi-billion dollar industry!
As the NFT industry explodes, trademark applications are slowly following suit. In fact, in 2020 there were basically no US trademark applications claiming “NFT goods or services.” In 2021, there were over 2000 new applications.
I predict in 2022, there is going to be a gold rush of trademark applications for NFT or digital assets.
In fact, many powerful brands have already begun filing trademark applications for their brands in this arena. These brands include SAKS, Marvel, Mattel, Walmart, and NIKE
YOUR BRAND TRADEMARK
Do you already have a trademark for your amazing brand? That’s awesome. Registering the trademark for your business name is a low-priced, high value action to secure your success.
A trademark gives you a monopoly over the use of a word, phrase, symbol, design, or a combination of these things that identifies your specific goods or services. Additionally, it’s how customers recognize you in the marketplace and distinguish you from your competitors.
The key point is that you don’t have rights to the word or phrase in general, only to how that word or phrase is used with your specific goods or services.
Think of Delta Airlines and Delta Faucets. Both are very well known trademarks that exist together. You would never confuse an airline business with a faucet business, would you?
THE SUPER NINJA ACTION YOU CAN TAKE TODAY FOR YOUR NFT TRADEMARK
File an “intent to use” trademark application to protect your brand for NFTs and other virtual goods or services NOW.
Intent to use means that you haven’t started using your trademark in commerce, but you have a bona fide intent to do so within the next three to four years.
Therefore, this will give you 3 to 4 years to actually use the mark with the virtual goods or services you apply for.
Furthermore, the legal value of defensive filings still exists even if you’re not eventually able to show actual use within the allowed time period. Alternatively, even if you simply decide not pursue Metaverse or NFT goods and services after all. Since first to file rules apply, then nobody else will be able to register your brand in the same categories while your application is pending.
In addition, clever marketers can use these filings and announcements to their advantage in order to make a splash with the media.
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