The NFTs market reported a transaction volume of $24.7 billion in 2022 compared to $25.1 billion in 2021, the year of the speculative euphoria’s pinnacle, defying all predictions and the worst year ever for the cryptocurrency ecosystem. Might there be any other application for NFT use cases outside purchasing and reselling non-fungible JPEG pictures of digital monstrosities?
Supply-chain management, real estate, media and entertainment, carbon credits, digitalization of financial operations, intellectual property, patent protection, online games, marketing initiatives… In the NFT industry, there is no shortage of application cases. 39 of the top 100 public corporations by market capitalization by the end of 2022 had started at least one project utilizing NFT technology.
Corporate Exposure to NFTs Has Become Popular
Corporate exposure to NFTs has become more popular in 2022 despite growing inflation, a downturn in the global economy, and the failure of major crypto companies. In 2022 (as of October), there were 6,855 trademark applications for NFTs, goods, and associated services, up from 2,142 in 2021. These numbers were gathered by Mike Kondoudis, a trademark attorney with a license.
The majority of these requests were submitted before two catastrophic events in the cryptosphere, Terra Luna’s implosion in May 2022 and FTX’s collapse in November of that same year. Thus, interest significantly decreased in H2 2022. Companies including Johnson & Johnson, Mastercard, UPS, Chevron, L’Oréal, and American Express submitted their trademark applications pertaining to NFTs prior to this date.
NFT is Risk-Free and Profitable for Bigger Corporations
In June 2022, Salesforce began testing its Salesforce NFT Cloud product. Samsung introduced the Samsung NFT platform in May 2022, enabling customers to purchase and trade NFTs right from their Samsung TVs.
In a similar line, Mastercard made it possible to make NFT purchases in June 2022 on a variety of marketplaces, including Immutable X, The Sandbox, Nifty Gateway, and Spring. To assist musicians, artists, and other creators in incorporating NFTs into their companies, Visa introduced the Visa Creator initiative in March 2022. Major corporations like Microsoft, PayPal, LVMH, Walmart, Coca-Cola, and American Express are still interested in the second half of 2022.
These corporations are already experts at conducting businesses and they have the fundamental means to get into the NFT field quickly without the risk of losing a large portion of their funds. They can fund the artists and the experts in the NFT field without worrying about their losses, all the while gaining greatly from the field if everything goes well.
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