New year new world? Legal issues in the metaverse...
The metaverse space is ever-changing, but what are the legal issues that it encounters and what needs to be addressed as business opportunities in the virtual space continue to move at rapid speed?
BLM's Arthur Caplin has spoken to Financial IT about what legal considerations businesses need to make. He said, "The metaverse seeks to disrupt all areas of life ranging from business to gaming, and has garnered serious support and investment from companies such as Facebook and Microsoft. While the metaverse seeks to usher in a new internet age, there are several legal issues facing both individual users and businesses that must be addressed by those looking to become pioneers of this new age technology.
"Some may wonder how lucrative virtual plot sales can really be? Well, not only are there virtual estate agents, such as metaverse Properties, but a recent 500m2 plot of Decentraland real estate sold for $2.43 million last year. This has opened the door to other service industries engaging with and embracing the metaverse – it is only a matter of time until we see metaverse law firms offering virtual consultations."
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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to clients of BLM. Specialist legal advice should always be sought in any particular case.