Universal Music Group's Flagship Music Label Republic Records Files NFT and Crypto Trademarks
The record label behind award-winning artists like Taylor Swift and Drake is looking to solidify its position in Web3.
Republic Records filed NFT and crypto trademark applications with USPTO
Last week, American music label Republic Records submitted two trademark applications covering the issuance of music NFTs. Known for signing top artists like Taylor Swift and Drake, many can't wait to see what Web3 ventures Republic Records could have in store.
According to U.S. Trademark and Patent Attorney Mike Kondoudis, these NFT and crypto trademark applications were filed with the United States Patent and Trademark Office (USPTO) on August 8th by Universal Music Group (UMG) Recordings Inc. - the owner of Republic Records.
The applications cover musical sound and music video recordings; downloadable digital and virtual goods linked to NFTs; downloadable digital media such as NFTs and cryptocurrencies; and downloadable software for use in crypto and NFT trading in the fields of music and music-related entertainment.
As of writing, Republic Records has not revealed any plans to launch crypto or NFT projects.
Republic Records vs. Republic
Last October, an investment platform named Republic teamed up with NFT start-up Opulous to offer music NFTs on its platform. This, of course, didn't sit well with the owner of Republic Records, who went ahead and sued the fintech firm on the grounds of trademark infringement.
According to lawyers of UMG's Republic Records, having another Republic branded company doing music NFT would cause unnecessary confusion. Not to mention that the music label already has plans to jump on the NFT bandwagon.
Given that, Universal also sought an injunction to stop Republic from offering any music investment opportunities under its current branding. However, a New York judge declined the music giant's request in July, allowing Republic (the investment one) to keep selling music NFTs.
That probably gave Universal and Republic Records an ample justification to file for NFT and crypto trademarks this month. Though the move may be sped up due to legal concerns, it would still be interesting to see how the leading record label tackles the NFT market in the future.
Like it or not, traditional brands from various sectors such as gaming, sports, food & beverage, finance, and more are making their way into Web3. With Republic Records hitting the scene, we can't wait to see what exciting endeavors it will take on soon.