IP Protection in the Metaverse
Recently I participated in a conference on the Metaverse 2.0 and can reveal why Intellectual Property is the building blocks of this new frontier.
1. Intellectual Property Protects New Value
Whilst both skepticism and opportunity abound with the hype of cryptocurrencies and non-fungible tokens (“NFTs”), the fact is that our digital world is frequently creating new assets.
Intellectual Property creates and protects new value. So it is no wonder that many individuals and corporations are ramping up their efforts to market and provide virtual goods and services in the Metaverse. This is evidenced by the surging number of new applications submitted to the United States Patent and Trademark Office (“USPTO”) seeking to register trademarks for use of their brand in virtual reality since February 2022.
2. Digital Assets are Real
Like Edisons creation of the lightbulb, Walt Disney creation of Animation, or Jobs creation of the Apple Computer Digital Assets are real. They are therefore fully capable of protection in new virtual frontiers.
Only 10 years ago the same skepticism and opportunity existed with the advent of social and digital media. Now digital media has eclipsed all marketing mediums and the global digital transformation market was valued at USD 998.99 billion in 2020 and is expected to reach a value of USD 2744.68 billion by 2026.
Even the launch of the Apple App Store has created a new digital market worth 46.5 billion dollars alone in just over a decade. These are digital assets and in our current world they are worth valuable Intellectual Property.
3. Business As Usual
Brands are capable of Trademark protection in the metaverse, much like they are in digital and social media. A digital Gold Rush is on as big brands are seeking to protect their brand in the class of software as a product (Class 9).
In this past month Nike, Jordan, Crocs and many other luxury and clothing brands extending registations in the Metaverse. Applications for WALMART, covering the creation and sale of virtual goods such as electronics, toys, decorations, sporting goods, and personal care products have all been recorded in this last month.
In short the Metaverse, or digital revolution, began over a quarter of the century ago with the birth of the internet. And your digital assets are considered Intellectual Property worthy of your protection.
The Metaverse is just an extension of the digital age in which we live in and new fortunes will be found by those that invest and protect their Intellectual Property.
Dr Maurice Roussety is a Consulting Strategist for DST Advisory and Lecturer in Small Business, Franchising and Entrepreneurship at Griffith University in Queensland, Australia. He has worked with leading organisations such as Queensland Transport, IAG, Westpac, Australia Post, Coles Myer, Red Rooster, Commonwealth Bank, ACCC, and Optus. Maurice holds a PhD in Intellectual Property and Franchise Goodwill Valuation. He also holds a Master’s degree in Leadership and in Business Administration. He is available for consulting and public speaking engagements and can be contacted further at maurice@dstadvisory.com or you can visit him at www.mauriceroussety.com.au
