As the world enters a new phase of digital interaction and the virtual world, one of the biggest companies in the world is getting ready to enter the virtual world with digital versions of some of its finest products ever. Nike is set to storm the Metaverse with its signature sneakerheads that will be released as more developers create exciting Metaverse characters and things.
The metaverse has gained increased popularity since the concept was first whispered many years ago. The movie Avatar set a precedent for what the metaverse might eventually reach in terms of virtual-physical interaction technologies. Many individuals and companies have invested huge amounts of money to research the metaverse and deploy their projects to bring the concept into a reality.
Nike joins a growing list of popular brands that are taking advantage of the new technology to grow their reach and presence in the virtual world. Nike, which records annual sales revenue worth dozens of billions of dollars, has said that it would create digital versions of its sneakers, and then avatars and other digital products to exist in the metaverse.
The Metaverse is Growing
The growth of the metaverse has been unprecedented in the last year. In late October, the co-founder, and CEO of Facebook, Mark Zuckerberg, made a presentation about the metaverse. He talked about the new age of Web 3.0 digital and virtual interaction and how it would impact a lot of our activities. The world is stepping into a new era of entertainment technology.
According to some patent files that were submitted by Nike way before the concept of the Metaverse saw daylight, the company was making serious efforts to be in a strong position in the virtual world. Nike has shown incredible foresight to create products for the metaverse. And one thing is certain; Nike’s fan and customer base will also be strong in the metaverse.
But the metaverse project is still at an early stage where even the most experienced developers cannot fully predict its potential use and applications. Although companies like Nike and Meta are looking to become early leaders in the metaverse through various spheres of influence, a lot of work is required to make the project safe and accessible to everyone.
Metaverse Creations: Regulations and Legal Issues
One of the first issues to address in the metaverse project is the legality and regulation of creations in the Metaverse. Dubbing, copying, and imitation have been an issue in our real world where businesses have to stay off competitors who clearly imitate their products and try to steal the market from them.
Nike will be looking to set the tone and blaze the path for legal cover for Metaverse creations; a concept that is relatively new to the Law and one which lawyers and judges may have a difficult time with. In the US for example, there are currently no copyright laws covering products developed by artificial intelligence (AI).
Since much of the metaverse will be AI-powered, the legal issues that are sure to emerge will be interesting to watch as their outcomes will set a precedent for metaverse laws in the future.
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