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Chevron Could Sell Virtual Gas with New Trademark Filing

Multimillion-dollar American company Chevron has put forward an application that would allow it to produce and sell virtual products.

Chevron’s Interest in NFTs

 On Tuesday, 2nd March 2022, Chevron filed a series of applications with the United States regulatory body (USPTO). Chevron’s filed patent will allow it to produce and sell digital assets in the form of NFTs.

Trademark lawyer Michael Kondoudis took to Twitter to announce the news. The application, if granted, means Chevron can offer products like virtual gas – the first of its kind. Other products Chevron could offer include virtual convenience store products, NFTs and assorted crypto-collectibles, as well as virtual renewable energy products.

Additionally, Chevron might have its sight on other virtual integrations. According to a small clause in the company’s application, Chevron might be looking to start up its own marketplace. Its application will allow it to provide an online marketplace of buyers and sellers of NFTs.

According to Kondoudis, Chevron recognizes the immense potential the cryptocurrency and NFT space hold. Its recent filing is the company’s way to set itself up for the inevitable technological advancements the world is making. For instance, technologies like the metaverse could render physical products purposeless. However, with products like virtual gas and NFT collectibles, the company is ensuring that its products do not become obsolete. 

Other Companies Taking the Dive

Within the past year, the popularity and adoption of NFTs have notably improved. Average marketplaces are seeing between 15,000 to 30,000 sales per day, and the NFT market has been valued at over 40 billion USD. This is almost double the value of the entire US publishing industry. By 2025, the NFT industry is expected to be worth over $80 billion. As a result, it is no surprise that companies all over the world are casting their nets into NFT waters.

On February 8th, Fashion and Beauty giant Victoria’s Secret made their entrance into the metaverse by also submitting a similar application. Furthermore, this application would allow Victoria’s Secret to create and sell collectibles and digital clothing in the metaverse.

In the same vein, beverage company Monster Energy filed NFT-related applications last month. This was three months after Mcdonald’s had debuted its first NFT. From fast food to beverages to digital clothing or even oil, NFTs appear intent on finding a home in every industry.  

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Other major companies to take the NFT plunge include Walmart, and the New Stock Exchange, amongst others.

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