NFT markets are way down at the moment, but major brands like Funko, Gucci and Nike are in a frenzy to trademark their nonfungible tokens as soon as possible—and with good reason.

The more than 4,600 NFT trademark filings submitted to the U.S. Patent and Trademark Office this year have come from a diverse range of companies—from McDonald’s and Walmart to L’Oreal and Victoria’s Secret.

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