In a comprehensive study conducted over the past four years, Marc Baumann, the founder of FiftyOne Ventures, has examined the NFT space and discovered an astonishing number of over 1,500 NFT-related patent applications. This significant figure highlights the widespread involvement of major brands in the Web3 realm and reveals intriguing trends in the world of non-fungible tokens.
The patents encompass a wide range of industries, demonstrating how various sectors are utilizing non-fungible collectibles to innovate their products. These industries include gaming, finance, media, retail, and many others, showcasing the versatility of digital assets in modern applications.
Among the brands taking a keen interest in NFT technology are some well-known players such as Nike, eBay, Sony, Snap Inc., The Walt Disney Company, Meta, and more. Nike, in particular, has shown early dominance in the NFT space with frequent filings of NFT-related patent applications. In December 2021, the sportswear giant made a significant foray into the blockchain landscape by collaborating with renowned NFT creators RTFKT, Takashi Murakami, and FaZe Clan to bridge the gap between the physical and digital realms.
One notable achievement from Nike and RTFKT is their joint NFT sneaker collection called ‘RTFKT x Nike Dunk Genesis CRYPTOKICKS,’ which currently boasts a market cap of nearly $3 million (1,782 ETH), according to NFT Price Floor.
Building on their success, Nike has furthered its NFT innovations by establishing its own NFT marketplace called .SWOOSH. This marketplace allows the brand to engage with creators, build a community presence online, and enable NFT enthusiasts to purchase, trade, and unlock exclusive drops and community events.
Surprisingly, many major brands did not file NFT patents until more recent times. In 2022, Bank of America, Snap Inc., and a few others entered the NFT phase. However, it was in 2023 that several top brands followed the trend, including Sony, Meta, eBay, The Walt Disney Club, and Samsung Electronics. Interestingly, many of these brands chose the same month, March, to file their patents.
One recent groundbreaking patent application filed in August comes from Mercedes-Benz. The application, titled ‘Method for Minting and Using Vehicle-Related Non-Fungible Tokens, and Information Technology System,’ showcases the automotive industry’s interest in NFTs. In line with their patent, Mercedes-Benz recently launched their revolutionary new car model called the ‘CLA Concept,’ which features an in-car NFT gallery.
NFT patents offer a unique combination of the digital collectible domain with intellectual property. One of the standout advantages is the ability to provide proof of authenticity, thereby reducing controversies over patent claims. Additionally, as the world of digital assets continues to expand, the tokenization of patents as NFTs presents unexplored monetization opportunities. Patent holders can become inventors through digital marketplaces, opening new avenues for innovation funding and revenue generation while pioneering a novel ecosystem for investors and innovators.
As observed in Marc Baumann’s study, the peak of NFT patent filings occurred in March 2023, indicating that the NFT world is dynamic and continually evolving, with blockchain-based innovations on the horizon irrespective of the current market conditions.
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Disclaimer: All investment/financial opinions expressed by NFT Plazas are based on personal research and the experience of site moderators. These opinions are intended as educational material only, and individuals are advised to conduct their own thorough research before making any investment decisions.
