thecoinrepublic.com
Recently Social media Meta giant has gone on to file almost either trademark applications
- Social Media Giant Meta has reported trademark filings
- The step of Meta could be seen as moving forwards towards the metaverse plans
- Other companies has also seen to do so in order to avoid the lawsuit situation like Nike and StockX
Formerly known as Facebook, social media giant Meta Platforms recently reported to file an application for eight trademarks for its blue, two-loop logo. Information was disclosed by the US Patent and Trademark Office filings.
Further information about the trademark application described that the logo would be a geometric design having two loops. The trademark would cover crypto tokens, virtual currency exchanges, currency trading, blockchain software, and the crypto, digital and virtual currencies.
In a statement, a trademark attorney, Mike Kondoudis, said that these filings show the company’s strategy for moving ahead into the metaverse. It’s clear that Meta has significant plans for the upcoming virtual economy that will drive it.
The steps of Meta Platforms towards the crypto space are nothing new and hidden. After all, the company has changed its name to Meta following the plan to move towards metaverse and crypto. The company already had plans to launch its stablecoin Libra based on their own blockchain network, Diem, by which it aspired to step into the crypto space.
But as it turned out, the project stuck into regulatory formalities that went for so long that the project could not be launched. In the end, the authorities ordered the Diem project to shut down, and it didn’t launch or operate. Later the developed infrastructure, physical hardware, and software sold out to one of the leading US based business and crypto banks, Silvergate Bank.
Many brands other than Meta also saw filing for trademarks, and the reason for this could be possible as a cautionary measure for avoiding situations like lawsuits of Nike and StockX. Applications for traditional trademarks that cover physical goods don’t necessarily convert into the digital world. Recently it also reported that NFT and metaverse applications had surpassed the filing numbers of the whole of 2021 in just the first three months of 2022.
Mike Kondoudis, in his previous interview, stated that those companies and firms think that they could prosecute the step, and it could cost them hundreds of thousands of dollars, or they could just file a trademark application as it’s the cost-affective response to make.
The recent trademark filings for Meta are meant to make clear that the company is not based on the application alone, but it could also signal the company’s plans to move into virtual products and crypto.