Miley Cyrus, an American singer-songwriter, is the newest celebrity to extend her brand into the virtual stratosphere, having filed two metaverse and non-fungible token-related trademarks with the United States Patent and Trademark Office (USPTO).
Juniper Research expects that there will be 40 million NFT transactions during the next five years. Metaverse-related use cases will play a significant role in the broad adoption of digital products, the study shows.
During the subsequent five years, these particular NFTs will expand at a rapid rate. By 2027, there will be nearly 10 million NFT-based transactions connected to the metaverse, up from 600,000 this year.
NFTs are predominantly art-related. It is common knowledge that the NFT community is utterly obsessed with music and other related stuff.
This is further supported by the findings of a recent research conducted by Ripple examining the degree of interest in NFTs across major financial organizations.
Image: Rarity Sniper
The NFTs that utilized music drew the most attention among the public. Famous musicians’ desire to safeguard their identity in the NFT and Metaverse is not unusual.
According to a tweet by NFT and metaverse trademark attorney Mike Kondoudis, Cyrus has filed trademark applications for the names “Miley” and “Miley Cyrus” with the USPTO.
Kondoudis said the singer’s trademark applications hints at virtual cash management software, virtual clothes, and sneakers. The trademarks are officially registered with serial numbers 97551201 and 97551195.
As this developed, it was revealed in May that popular songwriter and singer Billie Eilish had copyrighted both her name and the Blohsh logo through her firm, Lash Music LLC.
Snoop Dogg, an American rapper, is making significant advances into NFTs and the metaverse after submitting trademark applications in June.
Additionally, Snoop Dogg collaborated with fellow rapper Eminem in a recent NFT venture. Both of their Bored Ape NFTs were featured in a recently released music video.
Superstar football player David Beckham, who turned entrepreneur, also carried his brand into the metaverse by applying to DB Ventures Ltd, a venture capital firm based in California that he owns.
Miley Cyrus just made her metaverse debut as an avatar in Gucci Town on the gaming platform Roblox, representing the new Gucci Beauty Flora Gorgeous Jasmine campaign.
As previously reported, applications for NFT-related trademarks are increasing in the United States, having topped 4,000 between January 1 and May 31 this year, which equates to around 27 new NFT trademarks being submitted everyday during the first six months of 2022.
NFTs, anyone?
Crypto total market cap at $994 billion on the daily chart | Source: TradingView.com Featured image from Wallpaper Flare, chart from TradingView.com
Mehdi Brahimi, head of institutional business at L1, said the integration of on-chain real-world assets and wallet infrastructure will replace intermediaries and become the standard for the modern asset management lifecycle.
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