So what is the Metaverse? The Metaverse is here and expanding rapidly just like the real universe. It can be defined as a simulated digital environment based on augmented reality and virtual reality with the intention to create spaces for user interaction mimicking the real world. Technology companies are betting big on it, including Facebook which recently renamed itself to “Meta”.
Of course, just like the real world, the long-term intent is for people to spend money in the Metaverse and hence there has been a rush of investments on different platforms. From virtual land sales to bill-boards carrying brand-names, there is no shortage of investments in the Metaverse to gain a competitive advantage.
Being that the Metaverse is still amorphous, legal rights surrounding brands in the Metaverse also remain on shaky ground. For example, late last year two trademark applications were filed in the US by third-parties to use the Gucci and Prada logos in a range of metaverse-related arenas, including “downloadable virtual goods”, virtual worlds and virtual clothing used in virtual spaces. While both Companies are taking steps to protect the integrity of their brands, those that intend on advertising in the Metaverse or even in the real world, should understand how their intellectual property will be impacted.
If you are a business owner that has a brand either in the real world or the Metaverse, reach out to the attorneys at Outside Legal Counsel LLP to understand whether your brand is protected and what steps you may need to take if not.
#meta #metaverse #digitaladvertising #intellectualproperty #branding #businessowner #advertising #legalcounsel #outsidelegalcounsel #businessplanning #consulting #businesslaw #trademarklaw #trademark #brand
Disclaimer: Nothing on this website is or should be construed as legal advice. An attorney-client relationship does not exist with our firm unless a signed retainer agreement is executed, and we do not offer legal advice through this site or any of the content located on it. For legal advice for your particular circumstances, please contact us directly.