A comprehensive study conducted by Marc Baumann, the founder of FiftyOne Ventures, has delved into the NFT (Non-Fungible Token) space over the past four years, uncovering an impressive tally of over 1,500 NFT-related patent applications. These findings shed light on the extensive involvement of major brands and intriguing trends within the Web3 ecosystem.
NFT Patents Across Diverse Industries
The patents discovered span a wide array of industries that are harnessing the potential of non-fungible collectibles to innovate their products. These industries include gaming, finance, media, retail, and more, underscoring the remarkable versatility of digital assets in contemporary applications.
Leading Brands Embracing NFT Technology
Among the brands deeply invested in NFT technology, several prominent players have emerged. The top patent applicants in the NFT space include iconic names such as Nike, eBay, Sony, Snap Inc., The Walt Disney Company, and Meta, among others.
Nike, for instance, has displayed early leadership in this four-year analysis, consistently filing NFT-related patent applications to enhance its brand. In December 2021, Nike made significant strides in the blockchain arena by collaborating with renowned NFT creators, including RTFKT, Takashi Murakami, and FaZe Clan. This collaboration resulted in the creation of the ‘RTFKT x Nike Dunk Genesis CRYPTOKICKS’ NFT sneaker collection, which currently boasts a market capitalization of nearly $3 million (equivalent to 1,782 ETH), as reported by NFT Price Floor.
Building on this success, Nike’s NFT patents have reinforced its commitment to innovation, facilitating the utility, ownership, and trading of digital wearables. Today, the brand operates its own NFT marketplace, .SWOOSH, fostering an online community presence, engaging with creators, and providing NFT enthusiasts with opportunities to purchase, trade, and access exclusive drops and community events.
Interestingly, many major brands began filing NFT patents more recently. In 2022, Bank of America, Snap Inc., and others ventured into the NFT space. It was only in 2023, this year, that additional top brands joined the NFT frenzy, including Sony, Meta, eBay, The Walt Disney Club, and Samsung Electronics, among others. Remarkably, many of these brands chose the same month, March, to submit their patent applications.
One of the latest pioneering applications, filed in August, was Mercedes-Benz’s ‘Method for Minting and Using Vehicle-Related Non-Fungible Tokens, and Information Technology System.’ Subsequently, just weeks ago, Mercedes-Benz introduced its groundbreaking car model, the ‘CLA Concept,’ equipped with an in-car NFT gallery.
Unlocking NFT Patent Benefits and Disrupting Controversies
NFT patents represent a fascinating convergence of the digital collectible realm with intellectual property, offering a plethora of unique advantages. One notable benefit is the assurance of authenticity, as inventors can provide evidence of the originality of their creations, reducing disputes over patent claims.
Furthermore, as the digital asset landscape continues to expand, the prospect of tokenizing patents as NFTs introduces unexplored monetization opportunities. Patent holders can transform into inventors within digital marketplaces, creating fresh avenues for innovation funding and revenue generation, thereby pioneering a novel ecosystem for investors and innovators alike.
With a noticeable peak in NFT patents observed in March 2023, Marc Baumann’s study suggests that the NFT world is dynamic and evolving. It indicates that blockchain-based innovation continues to thrive, even during periods of apparent market calm.
