Written by: Stephanie Williams (IP Lawyer)
What is the metaverse?
The metaverse is a broad (and speculative) virtual ecosystem comprised of digital economies, creating, buying, and selling virtual goods and is becoming an increasingly popular topic across all industries.
What does the metaverse mean for my brand?
Many businesses are wondering how they will be impacted by the metaverse. There is no definite answer as to if, or how, the size or the success of the metaverse will impact businesses. Large brands (e.g., Nike®, Coca-Cola®, and Disney®) and well-known Canadian companies (e.g., Tim Hortons®, Roots®, and Canada Goose®) are embracing the metaverse and have already begun securing and establishing their metaverse business structures and trademark rights.
What should I do to prepare my brand for the metaverse?
Our recommendation to prepare for the metaverse is to begin future-proofing your brand. Future-proofing requires taking steps to ensure that your brand’s IP portfolio is well-equipped for protection in the real world and for expansion into the metaverse.
To begin future-proofing, we recommend that you consider filing trademark applications for your house brand and your best-selling products and services that are likely to be offered in the metaverse (e.g., virtual goods, virtual entertainment services including virtual shopping or virtual bars and restaurants). We recommend filing these applications in the jurisdiction(s) where you do business and the jurisdiction(s) that contain the highest sales for your brand’s offerings.
If you have questions about how the metaverse might impact your brand or how to ensure that your brand ready to enter the metaverse, contact one of our experts at BRION RAFFOUL LLP today!