Your rights in the metaverse: The benefits and challenges of collaborating in the digital age
NKE
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The inception of the metaverse has revolutionized the way we connect, communicate, build and conduct business. Providing new avenues for creators and brands to co-create and reach global audiences, the metaverse has found a home in the fashion, arts and entertainment industries.
Success stories in the metaverse include ABBA’s groundbreaking avatar show in London, which achieved an impressive 380,000 ticket sales within the initial couple of months. On the other hand, Decentraland’s Metaverse Fashion Week and Metaverse Art Weekhave also proved to be triumphant ventures. However, the metaverse isn’t just a creative paradise; it’s a battleground for intellectual property (IP) rights. Consider Nike’s recent encounter — the sportswear giant filed a lawsuit against a virtual sneaker company selling Nike-styled shoes as non-fungible tokens (NFTs). It’s a prime example of how the lines between physical and virtual IP rights can blur.
