From McDonald's to Walmart, Companies of all Stripes Race to File NFT Trademarks
Intellectual Property attorneys Thomas Brooke and Danielle Garno were quoted in a Corporate Counsel article about the opportunities that non-fungible tokens (NFTs) hold for companies. Digital artwork NFTs were trading for thousands of dollars each and were seen as a promising investment. However, the demand for NFTs has slowed and companies are now hesitant to join the unpredictable NFT market. Mr. Brooke commented that companies considering entering the metaverse should not hesitate to trademark NFTs, or they risk brand infringement.
“Just as many brand owners sought trademark protection for their trademarks in connection with clothing in order to stop unauthorized sales of T-shirts bearing their marks, trademark protection for a brand in connection with an NFT will serve as a tool to stop improper use of a brand on the blockchain,” he said.
Ms. Garno said companies shouldn’t worry about making money on NFTs. She added that while technical details can confuse many an in-house lawyer, NFTs are the cutting edge among young consumers, and should be treated as a powerful way to reach them.
“I often compare it with the beginning of influencer marketing,” she said. “Gen Z and younger live in this space, and if you want to reach them, you have to meet them where they are.”
READ: From McDonald's to Walmart, Companies of all Stripes Race to File NFT Trademarks (Subscription required)