Real Madrid and Barcelona, two Spanish football clubs, joined forces to register a trademark covering cryptocurrency transactions and their web3 metaverse offerings.
The trademark application was submitted to the United States Patent and Trademark Office (USPTO) on Aug. 5.
Here’s what the trademark covers
USPTO licensed attorney Mike Kondoudis tweeted on Aug. 11 to confirm the news that the trademark covered virtual reality and cryptographic software, downloadable software for using as an e-wallet, and software for managing cryptocurrency transactions using blockchain technology, among other offerings in the crypto and virtual gaming space.
Earlier in June, two crypto trademarks were also submitted by the English Premier League (EPL) as the league signaled an entry into the metaverse sector. Soon after in July, the Premier League soccer team Crystal Palace also applied for a trademark that covered NFT and crypto products.
2022 sees continued web3 expansion
The tradition of web3 expansion and registering trademarks is not limited to football or even sports. According to information from the trademark office, payment giant Mastercard had submitted at least 15 trademark applications connected to cryptocurrencies, NFTs, and the metaverse. Late in December 2021, Walmart also registered at least seven trademarks indicating the retailer’s foray into crypto and NFTs. The American bakery company Panera also registered a trademark for the “Paneraverse,” as companies hasten their expansion into Web3.
It was estimated that over 2,700 metaverse-related applications were submitted to the USPTO from Jan. 1 to May 31, up from 507 submissions during the same period last year. Meanwhile, according to McKinsey & Company, global investment in the metaverse also reached $120 billion up until May this year, which is double the amount invested during the entire last year.
In addition, NFT-related trademark applications filed with the USPTO are on a rise as well.
Kondoudis had also revealed that over 4,000 NFT-related trademark applications for registration were submitted to the USPTO between Jan. 1 and May 31, 2022, up from a total of 363 applications in the year prior.
That said, concerns remain for the watchdogs.
Recently, researchers from the Bank of England stated that the widespread use of cryptocurrencies in a fully formed metaverse could be a systemic danger to financial stability.