The metaverse and related technologies like virtual goods, non-fungible tokens (NFTs) and blockchain, represent a fundamental shift in how we interact with the internet, as the distinction between our activity online and in real life begins to blur. These emerging technologies present enormous opportunities for businesses, but bring with them a number of difficult legal challenges.
Read MoreAs we learned to appreciate over the past year or so, virtual goods are intangible assets that can be traded within a virtual economy, worth whatever participants in the virtual market are willing to pay for them. Though a type of virtual good, NFTs have their own unique definition, which can now be found in the Cambridge Dictionary:
An NFT is a unique unit of data (the only one existing of its type) that links to a particular piece of digital art, music, video etc. and that can be bought and sold.
Read MoreJuventus FC (affectionately nicknamed the “Old Lady”) has won a noteworthy ruling in its case of trade mark infringement brought against the non-fungible token (“NFT“) producer Blockeras s.r.l (“Blockeras”). The Rome Court of First Instance, on 20 July 2022, ruled that the unauthorised minting, advertising and sale of NFTs1 can infringe the trade mark rights of the relevant owner.
Read MoreVirtual products, the metaverse, and non-fungible tokens (NFTs) have recently been expanding and receiving considerable attention from investors, the general public; as well as the art world. Within the span of a year, NFT-backed virtual works of art have been reaching new height, from Beeple, Everydays: The First 5000 Days (March 2021 – US$69.3 million) to The Merge (December 2021 – US$91.8 million). Today, the most valuable living artist in history is a virtual work of art author (Pak, author of The Merge).
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