Entering the Metaverse is a great way to reach out to more customers in a new world and collect data on how people behave and act in the Metaverse. Data obtained in the Metaverse can be used to boost real-world sales. This data can then be used to boost sales and brand exposure in both the real world and the Metaverse.
Many businesses are adopting NFT technology to raise brand awareness, retain customers, and generate new revenue streams. On the NFT commerce platform Opensea, Budweiser, for example, created a line of NFTs with customizable beer cans. For example, Adidas provides NFTs as a keepsake for participants in actual or virtual events.
The number of new trademark applications filed with the EUIPO, UKIPO, and USPTO to register trademarks for use in virtual reality is on the rise. With more businesses joining the Metaverse, adopting a brand protection strategy is becoming increasingly crucial.
A trademark registration in Classes 09, 35, 41, and 42 can be significant in such instances. Because there will be so many infringements on Metaverse platforms, trademark registrations in these classes may be necessary by platform operators in order to perform takedown processes.
We also advise filing new trademarks to build a foundation for future revenue streams through licencing. It may become critical to ascertain who retains the rights to advertise things in the Metaverse in existing licence contracts. Additional agreements that restrict the usage of the trademark in the Metaverse are essential to avoid misunderstandings. Right owners are highly advised to extend the extent of their brand's protection to the digital realm before going into re-negotiations with licensees.