Year 2022 witnessed a dead blow to the cryptocurrency market. It sent the leaderships of several blockchains meditating, praying, and hoping. Metaverse, Web3, and crypto assets are becoming the topic of legal challenge in the way Intellectual Property Rights are being handled in the metaverse.
The Metaverse boom is set to spiral up the filing of several thousands of virtual reality-based patents.
Web3 has as its core concept decentralization, immutability, and ownership. Blockchain, smart contracts, cryptocurrency and NFTs and the metaverse are the evolutionary concepts of the internet. Metaverse and NFTs are beginning to present real-world use cases. Businesses are adopting NFTs and Metaverse and this in turn is giving rise to IPR based legal issues.
NFTs are an important part of the metaverse economy. NFTs provide creators immense opportunity in being able to monetize their work. This is particularly so with musicians, designers, concept leaders and others. Artists are becoming less dependent on producers and studios. Apart from creative industries, NFTs are finding use in games and in retail industries as proof of ownerships.
Metaverse marketplaces are on the boom. Virtual products which provide immersive experiences is becoming a real thing in demand. The metaverse economy is set to grow to “$800 billion” by 2024 and to $3 Trillion by 2031.
Metaverse and NFTs are already a business thing, and this automatically has led to proliferation of IPR issues. Therefore, legal issues related to copyright and trademark is booming. Therefore, those who buy NFTs become unsure of the kind of value they have accumulated by purchasing the NFT.
In many situations, the NFT Marketplace platforms land up changing their terms and conditions without any notice whatsoever to the NFT buyers – in a way to protect the business interests of the platform and to avoid legal compensation issues related to IPR.
Across the world, several Copyright Infringement cases related to Metaverse and NFTs are already virally infringing real-world trademarks and copyrights. Well-known trademarks are being widely used without any kind of permissions, license for usage, and in some cases with glaring similarity to copyrighted brands.
The business potential facilitated by Metaverse based advertising is huge. This is the reason for why there are numerous Trademark and IPR violation cases being filed. Though it appears that metaverse has not picked up as it should have been, the reality is that anything with business and advertising potential is here to stay. Metaverse has the unique selling point of facilitating an immersive experience for users – therefore, the boom is just a few years away.
Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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