Block.one has announced that it is scrapping its plans to trademark the “Web5” name. The company had previously announced its intention to trademark the name in order to avoid confusion over the term’s meaning.
2. The decision to trademark the “Web5” name was in response to the desire “to establish an initial way to defend its principles.” The lead of the TBD project, Mike Brock, said that they have seen people trying to sell ‘Web5’ tokens on casino exchanges and people trying to sell NFTs as ‘Web5.’ Brock said that the company was not going ‘to take that sitting down.’
3. According to Brock, the plan was to place the trademark for Web5 “under the control of an independent organization, which is not owned or controlled by Block.” TBD said in a tweet late on Tuesday night that it is suspending and rescinding its previously announced plan. This follows concerns from the community about the potential for abuse of trademark law.
