The English Premier League (EPL), one of the world’s hottest sporting events, has submitted two new cryptocurrency trademarks. The application was filed with the United States Patent and Trademark Office (USPTO), marking the league’s advance into the Metaverse.
Trademark attorney Michael Kondoudis announced the trademark application and its details through a tweet on June 6, 2022. Details were later provided in an official press release.
“Because the Premier League is regularly seen by more than a billion people, the value added to the brand is considerable. These filings are today’s economy, including virtual and crypto elements, and the Metaverse. It represents a logical step towards protecting brands in tomorrow’s virtual economy, “Kondoudis said in a press release.
The first application was for its name and a unique logo featuring a crowned lion. The second was a “loving cup trophy” with a crown and a golden lion on each handle.
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The application also includes digital tokens and collectibles, digital art, digital asset trading, exchange services, virtual apparel, and marketplace licenses for hosting these digital assets online.
The trademark application is very detailed and the scope of each license is explicitly stated. They cover everything from the creation of all listed assets to sales and marketing. EPL is also seeking permission to use these trademarks in “virtual, extended, and mixed reality software.”
Recently, several brands have entered the Metaverse, offering consumers a variety of benefits, including activities, unique experiences, exclusive access to clubs, and travel opportunities. Sports enthusiasts always love to own collectibles, and digitalization is expected to extend their reach even further.
According to PR Newswire’s March news release, NFTs have also gained momentum over the past two years, with sports NFTs ready to earn more than $ 2 billion from 2022 transactions.
The market hasn’t been strong lately, but thanks to the endless crypto winter, NFT sales are slowly recovering. According to DappRadar data, NFT sales reached $ 12.13 billion in the first quarter of 2022, returning to more than the $ 20 billion recorded last year.
NFTs are becoming more and more popular among sports enthusiasts as well-known football clubs employ cryptocurrencies and blockchain technology. “As brands recognize the need for protection in the Metaverse, we expect the number of trademark applications from the professional sports sector for crypto and virtual products and services to increase over the next 12 months,” Kondoudis said. Added in the news release.
The December 2021 Deloitte research report also predicted this trend. “By the end of 2022, we expect 4-5 million sports fans around the world to buy or donate NFT sports goods. Interest in sports NFTs will be sold by August 2021. The top five highs could be driven by activity in the wider NFT market, including digital art in excess of US $ 100 million.
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