Abstract

This unprecedented technological advancement comes with promise and peril for content creators and consumers. In these digital worlds, various digital goods are bought and sold. These goods, though not physical, represent the same goods that are found in the normal marketplace. Consequently, companies are apprehensive about the intellectual property of goods to be sold in the metaverse. Protecting these assets invites a flurry of new legal challenges, and this is where the IP lawyers find their prospects. The field of IP covers inventions, artworks, symbols and trademarks which are legally protected by patents, copyrights and trademarks laws. This paper explores the implications of NFTs in metaverse for companies and consumers, and the place of IP laws in that regard.

Keywords: Metaverse, Intellectual Property, Blockchain, Cryptocurrency, Avatar