Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Opportunities, Risks and Strategies In the Metaverse
From the dot-com era, to social media and mobile, forward-looking brands have sought to stay ahead of the curve and equip themselves for success in the next Internet age. Today, that means readying for the "metaverse" — a still largely undefined virtual environment where users (and brands) can interact with each other across immersive platforms and move seamlessly from one activity to another. Well-known brand owners are taking strikingly different approaches to this new environment — some jumping in and acquiring virtual real estate or partnering with avant-garde creators and platforms; some participating tepidly with limited releases; and others not participating at all. While it is still unknown how the metaverse will take shape lawyers advising brands should familiarize themselves with the opportunities it presents, the risks involved, and strategies to consider for enhancing and protecting a client's brand.
Opportunities for Brand Awareness and Expansion
The metaverse presents brands with an opportunity to reach a new audience, particularly in the realm of gaming — currently the most developed incarnation of virtual worlds. Tens of millions of (mostly young) active users engage regularly on platforms such as Roblox, Decentraland and Fortnite, spending countless hours in online environments that feature limitless opportunities for brand penetration beyond traditional gameplay. These platforms include concerts, fashion shows, e-sports events, and other social and entertainment experiences. As with billboards and real-world event sponsorship, brands can reach new consumers and enhance their relevance among a younger demographic by purchasing valuable real estate and lending their names to these events or even creating their own.
Luxury designer and apparel brands have been especially ahead of the curve. Louis Vuitton, for example, introduced an interactive game involving limited edition virtual products where users can customize their avatars with digital Louis Vuitton branding as they learn more about the designer's history by collecting memorabilia. The benefit of this foray into the metaverse is indirect; while the game is free to download, Louis Vuitton can reach a younger audience in a space more familiar to them then high-end shopping districts. More closely meshing the real-world to virtual experience, Gucci hosted an experience called "Gucci Garden," where users could enter Gucci themed rooms and purchase exclusive Gucci virtual goods. Gucci described the value of the experience this way: "While fashion and art may feel out of reach, the metaverse is bringing them closer and making them accessible for millions of people, building on Gucci's quest to empower individuals and expanding self-awareness to new virtual territories." Put otherwise, the accessibility and lower price of entry of virtual goods allows Gucci to reach a new audience, while consumers get the experience of owning a product (albeit a virtual one) from an iconic high-end brand. Nike has also been especially proactive. In addition to hosting a branded environment (dubbed Nikeland) where users can outfit their avatars with virtual Nike products, play games in their new virtual apparel, and even watch digital concerts, Nike has acquired a company called RTFKT that creates virtual sneakers and collectibles for the metaverse, positioning itself to expand its virtual offerings.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Role and Responsibilities of Practice Group Leaders
Ideally, the objective of defining the role and responsibilities of Practice Group Leaders should be to establish just enough structure and accountability within their respective practice group to maximize the economic potential of the firm, while institutionalizing the principles of leadership and teamwork.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?