As the immersive 3D experience continues to evolve, the metaverse is comprised of virtual world created by various companies with particularized fees for access, membership, monetization rights and formats of creative expression. This has allowed users to put some price on the content and the IP rights they are using as proof of the ownership.
The recent collabs between Gucci company and online game Roblox have provided a chance for gamers to win a limited digital Gucci Dionysus bag. It was later resold for $ 4,100 which exceeded its initial price. This has proven to be the pivotal role of metaverse Trademark to protect its virtual exclusivity and enjoy the unrestricted benefits of authorship claims.
In the midst of a frenzied pace, China has filed 16,000 metaverse Trademark applications and the revenue from the virtual world was estimated by Bloomberg Projections, to escalate approximately to $800 billion in 2024. Now it is the time for companies to take a broader step in their entrance into the digital world’s Trademark and begin to host new marketing opportunities.
Metaverse has extensively engaged the brand owners to leverage their existing intellectual property in this new digital environment. Metaverse is optimistically viewed as a limitless market for promoting their products and services. Among others are high end companies such as Balenciaga and Gucci that are actively testing how metaverse are able to connect virtual with “real-world” consumers and generate additional revenue.
However, the rapid developing metaverse brings along opportunities and legal challenges including Trademark enforcement. The diverse commercial implications of the metaverse may create ambiguities and potential issues which urge the need for companies that digitally operates the video games and other emerging tech spaces to develop a comprehensive plans for protecting the intellectual property rights while avoiding the infringing upon the rights of others.
But what a great opportunity without risk to encounter with. For companies that may seek to establish foothold in the metaverse must be well acquainted with Trademark rights, our advice is to develop a well Trademark protection strategy. We may assist you to construct a complete IP strategy as well as to monitor every newly filed and pending third-party Trademark applications which may potentially be infringing yours through Trademark monitoring service.
This article is brought to you by Exy Intellectual Property Sdn Bhd.