General interest in cryptocurrencies is not what it used to be during the all-time highs of 2017 and established companies in the industry have been rethinking their priorities. Entrepreneurship in the crypto space, characterized by ingenuity and optimism, remains strong however. This is shown by the fact that dozens of businesses and individuals in the U.S. have filed for crypto-related trademarks this year.
Giants Fascinated by Crypto Again?
For a while it seemed the times when large corporations were competing to apply for patents and trademarks for crypto and blockchain products had passed. But towards the end of December, South Korean electronics manufacturing giant Samsung registered a trademark in the U.K., Samsung Crypto Wallet, which gave credibility to the rumors about the upcoming integration of a digital currency wallet into its new flagship smartphone.
Then recently, footwear and sportswear manufacturer Nike filed for a trademark called “Cryptokicks.” The application was submitted to the U.S. Patent and Trademark Office (USPTO) on April 19 and covers a number of products and services related to cryptocurrencies. Some of the listed items refer to a marketplace for buyers and sellers of digital currency assets and an online retail store featuring footwear and clothing.
Other large companies that have previously applied for crypto-related patents and trademarks include globally recognizable names such as Mastercard, Amazon and Walmart. In most cases, however, the products and services mentioned in the filings are yet to be developed and introduced to the market. At the same time, many small businesses and individual entrepreneurs who file for crypto trademarks and patents actually rely on them to build their business. In other words, they don’t do it ‘just in case.’
Crypto Services to Be Offered Under New Trademarks
Despite the effects of the ubiquitous crypto winter, the growing number of applications for trademarks containing the word “crypto” is undoubtedly a positive sign. Some of the entries registered with the USPTO may provoke laughter: “In Crypto We Trust” is an educational service, “Crypto for Idiots” is a podcast project with similar intentions, “Cuts for Crypto” is a men’s grooming service, “Middle Finger Money” is a new coin, and “Crypto Vodka” is self-explanatory. Others represent products and services that will increase competition in the industry and provide more use cases for cryptocurrencies.
For example, Wyer or Finclusive are brand names of software products that will facilitate the acceptance of crypto payments and the processing of digital asset transactions. Stasia is the trademark of a platform for cryptocurrency exchange and brokerage services. An application has been filed by Laborx, an Australian company that has developed a hiring service supporting pay-as-you-work crypto salaries instead of monthly fiat payments, and Celsius is the name of the platform for saving, lending and borrowing digital coins.
According to the Patent Office’s database, dozens, if not hundreds, of applications for crypto trademarks have been filed with the USPTO since the beginning of the year. Some of them have already been approved and registered. Among them is Somee, an Internet-based censorship-resistant social network, which promises to build a community that will control the distribution of its private data. Another one is Net Element, which is a platform for processing payments with credit cards and cryptocurrencies. How many of these new trademarks will prove successful on the market remains to be seen.
Do you think the growing number of new crypto trademark applications indicates that businesses feel optimistic about the future of the industry? Share your thoughts in the comments section below.