Canon

According to the Growth Trend Analysis and Forecast Report by MarketDecipher, the sports memorabilia market size will be US$26 billion in 2021, with NFT sports collectables currently estimated at US$1.4 billion, which is estimated to double its market size at a 100% growth rate and reach 2.6 billion in 2022. As a result, many professional NBA athletes such as Kevin Durant and King James LeBron are not missing an opportunity to further develop their personal brands by offering fans new ways to connect with them through ownership of unique digital assets.

Creating a business is not an easy job. From sketching out the business plan to choosing the name and logo, the whole process requires a lot of time and effort as nobody would want this amount of planning to go to waste. This is why business owners shouldn’t brush over one of the most important steps in the process of establishing their company – registering a trademark.

Many entrepreneurs still consider trademark registration to be the least important step in the process of establishing their brand. This can become a big issue. Not registering a trademark from the start leaves a company vulnerable to potential copycats and other forms of brand infringement that can significantly damage its reputation and hamper growth.