The metaverse and non-fungible tokens (NFTs) may come with a perception of being used solely for entertainment and frivolity, but the technologies are more than videogames and multi-million-dollar art pieces. Viewing the metaverse as the next step of online interaction and NFTs as the venue through which to personalize one’s online experience, it is possible to understand the demand for unique and authenticated digital assets. As with all technologies gaining commercial steam, there are legal and business issues to consider in the metaverse going into the new year.
As the functionality of the metaverse and NFTs become more complex, expect legal issues to head in the same direction. By keeping some of these key legal considerations in mind, businesses will be better equipped in protecting their intellectual property rights when engaging in the metaverse.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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