Metaverse to Push NFT Use: Miley Cyrus, Snoop Dogg, etc. Ahead?

Paigambar Mohan Raj
Source: The Inquisitr

There is no denying the popularity and impact of crypto and crypto-related programs, like NFTs (non-fungible tokens) and the metaverse. Albeit there are plenty of different metaverse projects and platforms, the concept of a virtual world is one to stay and grow.

According to a new report by Juniper Research, NFT transactions will reach 40 million in the next five years. According to the study, use cases related to the metaverse would be one of the main drivers for NFT adoption. This subset of NFTs will have the fastest growth in the following five years. Additionally, by 2027, there will be 9.8 million transactions involving metaverse-related NFTs, up from 600,000 in 2022.

Interest in metaverse projects is rising, visible in the number of virtual world projects by leading global brands. Not only that, but financial institutions like HSBC and JP Morgan have also launched their virtual world projects.

Which category has the most interest in NFTs and Metaverse projects?

NFTs, for the most part, are focused on the arts. Music, in particular, is gaining much hype in the NFT world. This is further supported by a recent Ripple analysis, which examined significant financial institutions’ interest in NFT. The most engaging NFTs had to do with music. Hence, it is no surprise that leading musicians are trademarking their names for NFT and Metaverse projects.

The latest to join the bandwagon is global superstar Miley Cyrus. According to a tweet from NFT and metaverse trademark attorney Mike Kondoudis, Cyrus submitted two trademark applications to the USPTO on August 16 for the names “Miley” and “Miley Cyrus.”

Similarly, in May, famous songwriter and singer Billie Eilish revealed that her label Lash Music LLC had submitted two trademark applications for her name and the Blohsh logo.

Additionally, after submitting new trademark applications for several products in June, American musician Snoop Dogg is now making even more strides into NFTs and the metaverse. Calvin Broadus, better known as Snoop Dogg, applied UNCLE SNOOP and UNCLE SNOOP’S. Snoop is one of the most engulfed celebrities in crypto projects. The rapper also introduced NFTs to a fellow musician Eminem. The two have even released a song featuring their respective Bored Ape NFTs.