Immersive digital experiences have become increasingly popular among users of all ages and backgrounds. These experiences take place in a virtual world: the “metaverse”. The term metaverse refers to a three-dimensional version of the Internet where users can access virtual stores, branded goods, and services such as concerts, sporting events, classes, and other immersive experiences through a virtual reality headset.
As an emerging productive technology, the metaverse creates financial opportunities by raising complex legal issues. With the rise of NFT technologies and amateur and professional gaming, consumers in the digital space are looking for branded luxury goods, whether physical, digital or both. For example, creating virtual “outfits” for digital characters or avatars combined with real-world products has been an effective marketing tool for brands. However, these new technologies are forcing brand owners to implement registration and enforcement strategies to protect their intellectual property rights in the metaverse.
