Topic: Metaverse and nfts

Gaming raises a multitude of legal issues for businesses. In this series of publications, Gaming and law: What businesses need to know, we cover a number of the most topical issues.

In the space of a very short time, businesses are focusing on what the metaverse means for them. In addition to commercialising the opportunities available to them, such as new channels to market and enhanced customer engagement, businesses will need to understand and address the associated risks.

As public awareness of Web 3.0, the metaverse and other associated technologies increases, there is further pressure on governments, businesses and regulatory bodies to keep abreast of both the possibilities and the risks of these new worlds.

Digital assets, what are they really? You can’t physically hold them, they’re not legal rights, but they are personal property. So how should they be treated under English law?

On February 8, 2023, a jury found Rothschild liable for trademark infringement, trademark dilution and cybersquatting based on Rothschild’s use of the Birkin mark to promote and sell the MetaBirkins NFTs.

Similar to esports, the key monetization opportunity for the sports metaverse lies in sponsorship, streaming, broadcasting and advertising.

Luxury design house Hermès International and Hermès of Paris, Inc. (Hermès) is suing artist Mason Rothschild in the U.S. District Court for the Southern District of New York for trademark infringement and dilution, misappropriation of its BIRKIN trademark, cybersquatting, false designation of origin and description, and injury to business reputation.

An English court has reportedly recognised a non-fungible token (NFT) as a type of property in an as yet unreported High Court decision.

The Metaverse has moved beyond science fiction movies like Ready Player One to become an important reality. Fortune magazine recently said that the Metaverse might just be the most important tech trend since the iPhone.

The metaverse will offer an immersive digital world that feels physical and tangible in nature. Interacting with metaverse has the opportunity to shift the internet in a new direction and pose new intellectual property rights for developers, contributors, and users.