ebay files metaverse and NFT-related patents

30 Jun 2022

ebay has filed two trademark applications with the United States Patent and Trademark Office (USPTO), relating to the metaverse and NFTs (non-fungible tokens).

According to USPTO-licensed trademark attorney, Mike Kondoudis: “ebay Inc. is coming to the metaverse.” He added that the filings undertaken by the e-commerce giant highlight plans for online retail stores with actual and virtual goods, NFTs, NFT exchanges, and NFT trading.

The day before ebay submitted the trademark applications, the company unveiled it had acquired the NFT marketplace, Knownorigin. The deal was finalised on 21st June, Bitcoin.com reports.

CEO of ebay, Jamie Iannone said at the time of the signing: “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.”

ebay first started to permit NFT sales on its platform in May 2021, following a “massive wave of attention” in this area.

According to a statement by McKinsey and Company earlier this month, the metaverse could generate $5 trillion by 2030: “By 2030, it is entirely plausible that more than 50% of live events could be held in the metaverse,” the company stated.

Furthermore, a poll undertaken in April revealed the metaverse will be the most popular place for cryptocurrencies. A total of 70% of respondents said that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.”

In addition, Citigroup forecasts that the metaverse could represent a $13 trillion opportunity with 5 billion users by 2030, whilst Goldman Sachs predicts it will be an $8 trillion opportunity.