This is part 2 of our IP Update series exploring the evolving landscape for Internet, Digital Media and e-Commerce.
Part 1: “NFTs: Art meets crypto – traditional copyright issues in a tokenized world”
Overview of the metaverse
Facebook’s recent re-branding to Meta1 has significantly increased interest in the “metaverse”. Although the concept of the metaverse is still evolving, it is generally understood to be a persistent virtual environment where users can interact with each other, and increasingly with brands. This new environment will pose both challenges and opportunities for brand owners seeking to extend their engagement with consumers to the virtual world. For instance, brand owners seeking to promote their trademarks in the metaverse may be able to do so through a variety of means, including virtual billboards, hosting virtual sponsored events, and even in virtual “malls” where consumers may explore a brand owner’s virtual offerings. Indeed, some brand owners are already actively engaging with consumers in the metaverse, through various decentralized game applications and by selling exclusive virtual clothing lines using Non-Fungible Token (“NFT”) technology (see our previous article explaining NFTs).