Ebay, the world’s largest online retailer, has submitted two trademark applications that cover an amount of products and services related to the metaverse and non-fungible tokens (NFTs).
Applications for Ebay’s NFT and Metaverse Trademarks
Last week, Ebay Inc. (Nasdaq: EBAY) submitted two trademark applications to the USPTO, covering a variety of products and services associated with non-fungible tokens (NFTs) and the metaverse.
Mike Kondoudis, a trademark lawyer with a USPTO licence, tweeted on Tuesday that “Ebay Inc. is heading to the metaverse.” According to him, the documents show the e-commerce giant’s intentions for NFTs, NFT exchanges, and NFT trading, as well as for virtual good marketplaces, online stores that sell both real and virtual goods, and NFTs. Serial numbers for the applications are 97473696 and 97473620.
Ebay said that it had bought NFT marketplace Knownorigin the day before it submitted the two trademark applications. Ebay claims that on June 21, the two businesses signed and finalised their agreement.
At the time, Ebay CEO Jamie Iannone stated: “With this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles. eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection.”
In May of last year, the e-commerce site started permitting NFT sales, claiming a “huge wave of attention” in the space.
McKinsey and Company predicted this month that by 2030, the metaverse might produce $5 trillion. The business stated that more than 50% of live events may take place in the metaverse by the year 2030.
Additionally, a poll taken in April revealed that the metaverse will be the most common location for cryptocurrencies, with 70% of participants believing that “advancements in cryptocurrency and blockchain technology will be important to moulding the future of the metaverse.” Furthermore, Citigroup estimated that by 2030, the metaverse may offer a $13 trillion potential to its 5 billion users, compared to a $8 trillion opportunity for Goldman Sachs.
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