By Laura Lemos. Anti-counterfeiting Lawyer.
With the growth of interconnectivity plus the digital experience creating virtual reality and augmented reality, experts refer to the new space of human interaction as the Metaverse. The goal of this new space is that anyone can join it to work, shop and socialize. It offers, and is likely to expand, new ways for various industries to increase scalability, including new business opportunities and new ways to promote products and services at an even faster pace.
The scale and applications are almost limitless. The Metaverse allows users to showcase digital forms of art and ownership, and non-fungible tokens (NFTs), digital property records stored on the blockchain, allow users to price that content with proof of ownership.
Recently, it has become an important topic for companies, and it is estimated that revenue from virtual worlds could grow from approximately $180 billion in 2020 to $400 billion in 2025. The industries most likely to experience an immediate impact from the metaverse are entertainment, gaming, education, and finance.
While there is a lot of excitement and doubts surrounding existing digital assets, many individuals and companies are stepping up their efforts to market and provide virtual goods and services in the Metaverse. Thus, companies need to start thinking about the possibilities of entering the digital world and the series of new opportunities and risks that are to come.
As brands are preparing to find their place in this space, protecting and enforcing trademarks and other intellectual property rights is a key issue. Due to the complex nature of operations in Metaverse, trademark infringement and counterfeits are likely to occur regularly and will inevitably follow. Read more