E-commerce Giant eBay Files Trademark Applications for Metaverse, NFT Services

E-commerce Giant eBay Files Trademark Applications for Metaverse, NFT Services

E-commerce giant eBay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs).

Metaverse and NFTs Trademark Applications

The e-commerce giant, eBay Inc., filed two trademark applications with the United States Patent and Trademark Office (USPTO) last week covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs).

A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Tuesday: "Ebay Inc. is coming to the metaverse." He explained that the filings indicate the e-commerce giant’s plans for virtual goods marketplaces, online retail stores with actual and virtual goods, NFTs, NFT exchanges, and NFT trading.

A day before eBay filed the two trademark applications, the company announced that it had acquired NFT marketplace Knownorigin. According to eBay, the companies signed and closed the deal on June 21.

The CEO Jamie Iannone described it at the time: "eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection, and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

The e-commerce platform began allowing NFT sales in May last year, citing a "massive wave of attention" in the segment.

This month, McKinsey and Company said that the metaverse could generate $5 trillion by 2030. "By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse," the company noted.

In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of those surveyed agreeing that "cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse." Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030, while Goldman Sachs sees the metaverse as an $8 trillion opportunity.