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eBay ventures into metaverse and NFTs with three trademark applications

Justinas
Baltrusaitis
2 months ago
2 mins read

American eCommerce giant eBay (NASDAQ: EBAY) is the latest mainstream brand interested in the metaverse after submitting various trademark applications for different products in the space. 

The company applied for non-fungible tokens (NFT), NFT exchanges and NFT trading, virtual goods marketplaces, and online retail stores with physical and virtual goods. The application was submitted before the United States Patent and Trademark Office (USPTO) on June 23. 

The news of the application was revealed in a tweet by licensed trademark attorney Michael Kondoudis on June 28. 

eBay’s metaverse outlook

An overview of the application shows that the eBay metaverse venture aims to offer products like an interactive website allowing users to engage with digital assets on the blockchain. The company also plans to offer exchange services relating to NFTs. 

As the metaverse concept grows, eCommerce platforms are lined up to be among key beneficiaries offering features like personalised experience for customers and stronger customer engagement alongside improving customer experience. 

Notably, eBay’s venture into the metaverse might scale its business and attract new customers as the company battles the ongoing economic meltdown. Finbold reported that despite being a pioneer marketplace, the company’s stock had been downgraded on June 28 after losing over 30% of its value YTD. 

More firms entering metaverse 

Elsewhere, eBay’s rival Amazon (NASDAQ: AMZN) has also indicated an interest in the metaverse by announcing plans to enhance customer experience through Amazon View, an augmented virtual room. The product offers customers the basic layout of their house in 3D.

Generally, most brands from different industries are warming up to the metaverse, mainly driven by the need to increase customer interaction. Recently, leading global chocolate manufacturer Mars Inc. filed for an NFT trademark application for its popular brand M&M. 

Other companies taking a stake in the metaverse include fast-food chains McDonald’s and KFC. Elsewhere, automaker DeLorean Motor Company filed two NFT trademarks in May. 

Overall, the applications have accelerated, with a Finbold report indicating that NFT-related trademarks in the U.S. surpassed 4,000 between January 1 to May 31, 2022. 

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Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.