The Metaverse is Here. What Do Brands & Their Lawyers Need to Think About?

By November 24, 2021Metaverse
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Brands’ endeavors in the metaverse continue to come into fruition. On Tuesday, made headlines thanks to a large-scale real estate purchase. The crypto investment company’s Metaverse Group subsidiary paid $2.4 million – in crypto – in what is being called one of “the largest ever land acquisitions.” The important caveat is that the land exists exclusively “in the metaverse.” Specifically, Metaverse Group splashed out more than $2 million for a 6,090 square feet parcel of virtual land on Decentraland. Located in the Fashion Street District of the Ethereum-powered decentralized 3D virtual reality platform, Toronto-based revealed that the real estate will be used “by fashion brands to advertise, host fashion shows, and have e-commerce storefronts, staffed by virtual staff.”

The Metaverse Group, Decentraland news is the latest development to come in the swiftly-growing alternative universe – one that combines immersive virtual reality, massive multi-player online gaming platforms, and various other facets of the web – and it comes as consumers, brands (including fashion ones), and crypto firms continue to make inroads into the space.

In the past several weeks, alone, Nike announced a noteworthy partnership with Roblox to enable its fans to “connect, create, share experiences, and compete” in a “bespoke” virtual world called Nikeland. Adidas teased efforts of its own impending venture into the metaverse – or the “adiVerse” as its being called – with platform The Sandbox. London-based brand Stefan Cooke teamed up with EA to bring menswear to The Sims universe, and Moncler debuted a collaboration with Epic Games in a tie-up that sees its collaboration with 1017 Alyx 9SM enter into the Fortnite virtual world.

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