Metaverse had a significant impact in 2021 and early 2022. Many companies from around the world started developing business and marketing strategies around the metaverse, and even Facebook transformed itself and promised to launch its own version of the metaverse, changing its name to Meta Platforms, Inc. (NASDAQ: META).
However, the bear market made its presence felt in the crypto industry, and the interest in the metaverse has seen incredible declines in recent months. Data shared by expert brand attorney Mike Kondoudis (@KondoudisLaw) from the US Patent and Trademark Office (USPTO) confirms this.
Mike Kondoudis made the following statement regarding the issue:
The pace of new US trademark applications related to the metaverse continues to lag behind last year. The number has decreased by about half compared to 2022. YTD (Year-to-Date) Total: 2271. In contrast, USPTO received approximately 4,500 applications related to metaverse and virtual goods and services by August of 2022.
Especially the month of August stood out as a better month than July in terms of the number of registered trademarks related to the metaverse. According to USPTO data, 258 and 214 new registered trademarks were created, respectively. March was the best period with 401 new metaverse trademarks registered.
In the remaining months of 2023, the number of applications continued between 265 and 296. However, a noticeable downward trend has also emerged in the past few months. Interestingly, this downward trend is also reflected in Google searches for the term “metaverse”.
The increase in interest started in October 2021, and the highest interest ever recorded was in the first week of January 2022 (between January 2nd and 8th). Since then, global interest in the metaverse has been experiencing a noticeable decline.
As a result, many metaverse projects and related cryptocurrencies have lost a significant percentage of their value and market impact due to the continued decline in interest and adoption over the months.