Despite the depth of the bear market, brands plan to build on the metaverse and non-fungible tokens (NFTs). Here is a compilation of recent developments in the sector.
November 2022 will be remembered as the worst month’s in an extreme bear market. The collapse of FTX, which was once one of the largest crypto exchanges in the world, set a domino effect on the entire market.
November, the Beginning of NFT Bull Run?
The collapse in the cryptocurrency market did not extend to the NFT and metaverse market. Despite the adverse market sentiments, the volume of the top 5 NFT collections spiked. Bored Ape Yacht Club recorded the highest sales in the last six months. And the United States Patent and Trademark Office (USPTO) registered 24 trademarks for NFTs and related services.
Consequently, the community anticipates that it is the beginning of the NFT bull run.
Luxury Brands Build on Metaverse and NFTs
The NFT and metaverse industry is catching up steam in adoption. There were quite bullish developments for the industry in Nov. The month started with an update from Mike Kondoudis that luxury watchmaker Rolex has filed a trademark for the NFT, NFT marketplaces, and cryptocurrency exchange. Mike Kondoudis is a well-known licensed trademark attorney.
Later, Reebok joined Nike and Adidas in the metaverse. It filed trademark applications with USPTO to trademark its name for virtual footwear, headwear, and sports equipment. Which shoe would you wear in the virtual world, Nike, Adidas, or Reebok?
On the last day of Nov., Mike brought the most exciting update for car lovers, “BMW is coming to the metaverse!” BMW applied to trademark its logo for virtual vehicles, retail stores for virtual vehicles, and related services.
The community is eager to be a part of the metaverse with BMW. In total, over 367 U.S. trademark applications were filed for metaverse and virtual goods/services.
Investors Bullish for Metaverse
South Korean firm Daesung Private Equity has allocated a budget of nearly $83.5 million for its metaverse fund. While there was interest from brands and investors in the metaverse segment, Facebook, a company that rebranded itself to Meta last year, laid off 11,000 employees.
With Meta earnings down by more than 24% since the rebranding, the company had to implement strict cost-cutting measures.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.