THE METAVERSE GOLD RUSH

Many of my gaming, fashion and entertainment clients have been staking claims in the metaverse and securing their intellectual property rights. Big brands such as Nike®, McDonalds® and Taco Bell® have also been filing trademark applications covering goods and services in the metaverse. For example, McDonalds® recently entered the metaverse with ten trademark filings covering virtual foods, virtual beverages, virtual restaurant and entertainment services.

The Metaverse Market

The metaverse offers new growth opportunities for virtually all companies selling goods and services. The research firm Bloomberg Intelligence estimates that the metaverse market may reach 783.3 billion in 2024 and, could grow to between $8 and $13 trillion by 2030. The ability to offer live entertainment events such as concerts and sports in the metaverse will provide additional avenues of opportunities.

What is the Metaverse?

The “metaverse” is a virtual 3D environment in which users control digital persona (avatars) in real time to play games, conduct business, view entertainment and buy virtual and real products. The avators take on a unique persona and interact like a real people inside the virtual metaverse. The research firm Gartner predicts that by 2026, twenty five percent of people will spend at least one hour a day in the metaverse.

Legal Protections

While many companies have trademarks registrations covering real world goods and services, these registrations typically do not cover goods and services in the metaverse. To secure protection in this new marketplace, companies should consider filing intent to use trademark applications covering goods and services in the virtual world. This will allow them to protect their existing brands and to also take advantage of new income streams. Brand owners who do not have such protections in place may find it difficult to stop infringement and other improper uses. The approval process can be lengthy and early filing is recommended to secure protection.

An experienced intellectual property attorney can help companies prepare a comprehensive strategy for entering the metaverse. For more information about securing protection in the metaverse and related matters, contact me via email: nabesq1@gmail.com

This article is provided for general guidance and is not intended as legal advice.