NFT Marketplace OpenSea Files New Trademark Applications

Key Insights:

• Leading NFT marketplace OpenSea looks to expand with trademark applications for NFT and crypto services.
• OpenSea owner, Ozone Networks, Inc., filed the trademark applications to register OpenSea and its logo.
• A pickup in NFT activity in April could spell better times ahead for OpenSea and other NFT marketplaces.

It was an impressive start to 2022 for OpenSea, which saw NFT trading volumes hit an all-time high in January.

According to Dune Analytics, ETH trading volume hit $4.97bn in January, surpassing August’s previous ATH of $3.42bn.

In February and March, however, trading volumes eased back considerably.

OpenSea Files NFT and Crypto-related Trademark Applications

DC Trademark Lawyer Michael Kondoudis took to Twitter on Wednesday to announce the filed trademarks.

OpenSea has filed new trademark applications for
▶️ OpenSea
▶️ Its sailboat logo

The apps cover
✅ Crypto wallets
✅ NFTs + NFT minting
✅ Cryptocurrencies + digital collectibles
✅ Digital, virtual, and cryptocurrency trading#NFTs #Cryptocurrency #Opensea #OpenSeaNFT pic.twitter.com/w53Ztw6kD3

— Mike Kondoudis (@KondoudisLaw) April 20, 2022

According to the tweet,

Ozone Networks, Inc., the owner of OpenSea, submitted two new trademark applications to the register OpenSea and its logo on April 15, 2022.

The filings are to cover a variety of virtual, crypto, and financial goods and services. These include,

• Cryptocurrency and digital asset wallets
• NFTs and NFT minting
• Cryptocurrencies, digital tokens, and digital collectibles
• Digital, virtual, and cryptocurrency trading

Kondoudis opined,

“It looks like OpenSea may be sensing some competition and is preparing its trademarks and brand for more active participation in the virtual economy of the Metaverse.”

Kondoudis concluded,

“We expect the number of trademark filings for NFT, crypto, and virtual asset products and services from the financial services sector to increase in the next 12 months as brands come to appreciate the need for protection for virtual and crypto currency financial services.”

OpenSea Trademark Applications Coincide with CoinbaseNFT Launch

This week, news hit the wires of CoinbaseNFT going live. According to the report, Coinbase launched its web3 NFT marketplace, CoinbaseNFT, on Wednesday.

Starting with a beta version, only a handful of features will reportedly be available to users. Built on the Ethereum blockchain, CoinbaseNFT will compete with OpenSea by not charging transaction fees for a limited time.

For OpenSea, it has been a mixed 2022, with trading volumes taking a hit in February and March.

In February, ETH trading volume fell to $3.58bn, which continued to sit above August’s previous ATH.

ETH trading volumes took a bigger hit in March, however.

According to Dune Analytics, ETH trading volumes fell to $2.49bn in March, well below August’s $3.42bn and January’s $4.97bn.

For OpenSea, several factors may have contributed to the downward trend in trading volumes. These could include crypto prices, increased illicit activity, and the increased appetite for cryptocurrencies.

One other factor may also be an increase in the number of NFT marketplaces.

This year, LooksRare (LOOKS) launched in January, with January trading volumes reportedly surpassing OpenSea trading volume. Other marketplaces have launched ahead of the CoinbaseNFT launch, though CoinbaseNFT may become OpenSea’s biggest near-term rival.