March 2022 - Blog | Trademarkmaldives | IP Law Firm in Maldives

Meta Ventures Into Crypto & Metaverse By Filing New Trademark Applications

Meta Platforms Inc., formerly known as Facebook and currently doing business as Meta, has recently filed eight Trademark Applications that would enable its infinity loop logo to be used for crypto tokens and virtual exchange. This move by Meta indicates its interest to push deeper into virtual products and crypto-related services, which shall eventually help build an ecosystem around the Metaverse.

As announced by the Metaverse and Trademark Attorney Mike Kondoudis, the trademark applications filed with the US Patent and Trademark Office (USPTO) cover crypto tokens, financial trading, currency trading, blockchain software, virtual currency wallets, virtual currency exchange, and digital, crypto, and virtual currencies.

These eight trademark applications, if approved, would grant Meta the exclusive right to use its infinity loop logo for any or all of the previously listed ventures.

While these trademark applications were submitted to the USPTO on 18^th March 2022, Meta hasn’t yet made any official announcement in this context. The only information available in this regard includes the tweet from Mr. Kondoudis and a press release on ExpertClick (a platform that connects experts with the news media).

Meta has been paying due attention to the Metaverse ever since its name change. Furthermore, it has been putting in a significant effort to create a functional ecosystem around this network of 3D virtual worlds. Justifying the name change, Meta explained in a statement delivered that this move is an attempt for the company to own the Metaverse along with the ecosystem that is still being built.

Mr. Kondoudis describes these trademarks filings as a reflection of Meta’s strategy for making its way into the Metaverse. According to him, these filings also signify that Meta has some crucial plans in mind for the virtual world. He even believes that this move would interest anyone and everyone involved in the virtual industry and the ones belonging to the financial sector.

Regardless of the popularity of the Metaverse and the word ‘Meta’ at large, the company holds the right to be the sole owner of the logo.

Since this move shows Meta’s plan to build an ecosystem around the Metaverse, investors can start expecting the announcement of their tokens and virtual exchange. For more visit: https://www.trademarkmaldives.com

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New Trademark Filings By Amex Suggest A Possible Entry Into The Metaverse

The multinational corporation specializing in payment card services, American Express (Amex), has recently filed seven Trademark Applications linked to virtual services and some of its iconic designs and logos, hinting at a possible entry into the metaverse. This move suggests that the major credit company is looking forward to joining its financial peers Visa, J.P. Morgan, and Mastercard in exploring the Web3 applications of its Intellectual Property (IP) assets.

As per the Trademark Filings submitted with the US Patent and Trademark Office (USPTO), the world’s second-largest payments processor, Amex, may be preparing to offer virtual concierge services concerning credit card transactions in the metaverse and other virtual worlds. The trademark applications filed include proposed trademarks for using some of Amex’s branding and logos with virtual payment cards, performing banking services in the metaverse, and utilizing its cards in an NFT (Non-Fungible Token) marketplace.

Many companies and firms across the globe have hinted at expanding into the metaverse following Facebook’s announcement last year in October concerning its rebranding to Meta. The social media giant at that time said that with Meta, it plans to create a virtual environment for connecting online social media experiences to the outside physical world.

While some well-known banks have been hesitant when it comes to cryptocurrency, many others have been engaging well with blockchain-based technologies.

Earlier this year in February, the American multinational financial and investment services bank, J.P. Morgan, entered the metaverse with the launch of a virtual lounge in Decentraland, a blockchain-based 3D virtual world. Even major sports apparel and footwear companies, including Nike and Adidas, have created virtual shops and crypto-related products, respectively, in the metaverse. Also, in December last year, the South Korean multinational electronics corporation, Samsung, launched a metaverse store.

Other major credit card companies such as Mastercard and Visa have slowly begun to accept the demand of their users for buying cryptocurrencies using fiat with their cards or else embraced the digital asset space. Mastercard first announced its plans last year in February to support cryptocurrencies, while the decentralized finance (DeFi) banking firm, Scallop, on 7^th March joined a council formed by the big four credit card firms, including Discover, American Express, Mastercard, and Visa.

An Amex spokesperson said in a recent statement delivered that the company was following developments in the metaverse but had no plans to share the same during publication. For more visit: https://www.trademarkmaldives.com

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Red Bull Steps Into NFTs & the Metaverse With Trademark Application Filing

The metaverse, generally defined as a network of 3D virtual worlds focused on social connection, has captured the attention and interest of many household brands across the globe in the past few weeks and months.

The latest company making a big transition into the metaverse is the Austrian energy drinks brand, Red Bull. The company filed a Trademark Application on 3^rd March 2022, indicating its plans to enter the virtual reality world, metaverse, and offer branded Non-Fungible Tokens (NFTs). The trademark application filed by Red Bull with the US Patent and Trademark Office (USPTO) is under the Trademark Registration number 97293326.

Michael Kondoudis, a licensed metaverse trademark attorney, recently took this news to Twitter by revealing that Red Bull has plans to offer multimedia with NFTs (including both virtual and cryptocurrencies), drinks, clothing, sports gear, and financial exchange services, among many other products in the virtual environment.

The trademark filing suggests a possible Red Bull zone in the metaverse, where fans could conveniently buy clothing, drinks, and equipment and engage well in widely recognized Red Bull-sponsored adrenaline-sports activities.

Fans entering the metaverse could also have access to Red Bull crypto for purchasing products and availing of services. As already seen elsewhere, NFT holders may be able to redeem NFTs for attending concerts and sports events virtually along with real-life events.

When it comes to sports, Red Bull is a major sponsor in conventional sports games, including Basketball, Soccer, F1, and NASCAR. Although conventional sports have risen in popularity, Red Bull has been synonymous with extreme sports as well ever since its inception, including cliff diving, BMX & skateboarding, mountain biking, and freestyle skiing, which form an integral part of Red Bull’s Extreme Sports annual calendar.

The metaverse could enable sports fans and admirers to engage well with athletes and be present at events. It could also allow them to stay virtually active at Red Bull’s more extreme sports events alongside cliff divers and freestyle skiers.

It is worth mentioning that businesses, firms, and celebrities have been growing their presence in the metaverse for quite some time now, with Red Bull being the latest example of following this quickly growing trend.

Increased levels of investment in the metaverse and NFTs imply that individuals no longer need to be present in person at events. Art, fashion, film, music, sports, and many other industries have taken a step closer to entering this virtual world.

Fast-food restaurant chain McDonald’s, the American lingerie, clothing, and beauty retailer Victoria’s Secret, energy drink manufacturer Monster Energy, and the American multinational retail corporation Walmart have all entered the metaverse. The New York Stock Exchange (NYSE) also couldn’t withstand the attraction of the metaverse.

The number of NFT-based trademark applications filed in the United States climbed 421 times in 2021, which accounts for a significant gain when compared to just 03 in 2020. All in all, we can say that the opportunities in the metaverse are endless. For more visit: https://www.trademarkmaldives.com

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Arbutus Sues Moderna Alleging Patent Infringement Over COVID-19 Vaccine

Arbutus Biopharma Corporation, a publicly-traded Canada-based biopharmaceutical company, has recently filed a lawsuit against Moderna Inc., an American biotechnology and pharmaceutical company, alleging Patent Infringement. Arbutus is now seeking damages for infringement upon its US patents related to Moderna’s COVID-19 vaccine.

In early trading, shares of Arbutus rose 11% while those of Moderna fell 2.5% after the lawsuit on which a federal appeals court rejected Moderna’s challenge to Arbutus’ patents last year in December.

Arbutus’ recent statement says that it developed the so-called Lipid Nanoparticles (LNP) enclosing the genetic materials called the messenger RNA or mRNA – the patents concerning which were licensed to Genevant Sciences Corporation, a joint venture between Arbutus and Roivant Sciences Ltd.

A Moderna spokesperson denied these allegations in a recent emailed statement delivered and said that Moderna shall vigorously defend itself in Court against Genevant’s claims.

The sales of Moderna’s COVID-19 vaccine that is based on mRNA technology and has been cleared for use in over 70 countries worldwide have been on the rise. Last year, the vaccine collected $17.7 billion in sales and is expected to bring in up to $19 billion this year.

Roivant and Genevant have stated that they did not seek to interfere with the distribution or sale of Moderna’s COVID-19 vaccine, but the litigation now could take at least two years.

Jefferies analyst Dennis Ding has stated that the patent infringement lawsuit in question could take lesser time than two years to resolve only if the parties involved reach a settlement agreement. Ding expects the companies involved to fight out the matter in court, which could take a couple of years. However, he also believes that a positive outcome in the form of a licensing agreement or royalty could come into action.

As far as Moderna is concerned, it is also involved in a months-long patent dispute with the United States National Institutes of Health (NIH) over its COVID-19 vaccine.

In December last year, Moderna said that it had decided not to pursue its US Patent Application for the vaccine at the moment to have more time in place for discussions with the NIH. For more visit: https://www.trademarkmaldives.com